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What the maximum allowable charitable contribution deduction

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Reference no: EM132784189

Karen, a calendar year taxpayer, made the following donations to qualified charitable organizations during 2020:

                                                                                         Fair Market

                                                                                                Basis       Value

Cash donation to State University                             $30,000      $ 30,000

Unimproved land to the City of Terre Haute, Indiana 70,000         310,000

Problem 1: The land had been held by Karen as an investment and was acquired 4 years ago. Shortly after receipt, the City of Terre Haute sold the land for $310,000. Karen's AGI is $1,000,000. Before taking into account any phase-down of itemized deductions, the maximum allowable charitable contribution deduction 2020 is:

Reference no: EM132784189

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