What amount can taxpayer deduct as charitable gift, Taxation

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What amount can taxpayer deduct as charitable gift

Charitable Contribution-Appreciated Property

Response to the following problem:

A taxpayer contributed land worth $190,000 to the City General Hospital. The land has been held for five years and had a basis of $72,000. The taxpayer's AGI is $389,200.

a. What amount can the taxpayer deduct as a charitable gift?

b. How would your answer change the property were artwork, rather than land?

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Taxation: What amount can taxpayer deduct as charitable gift

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Taxation: What amount can taxpayer deduct as charitable gift

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