Multiple Choice
Clayton contributes land to the American Red Cross for use as a future site for a new building.His AGI is $50,000.Clayton paid $20,000 for the land eight months ago but its market value at the date of contribution is $25,000.With no special elections,Clayton's deductible contribution this year is
A) $7,000.
B) $18,000.
C) $20,000.
D) $25,000.
Correct Answer:
Verified
Correct Answer:
Verified
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