Problem
Kris Swenson anticipates adjusted gross income of $100,000 during the current tax year. She is considering making a gift of appreciated real estate to the university she attended, Sinton Tech, a qualified charitable institution. Kris's adjusted basis in this real estate is $40,000. The real estate has a current fair market value of $50,000. Kris owned the real estate for six months.
If Kris does gift the real estate to Sinton this year, what is the maximum allowable charitable deduction Kris can receive for the current tax year?