Emma Purchased Investment Land in 2012 for $46,000

question 25

Multiple Choice

Emma purchased investment land in 2012 for $46,000. At the end of 2017, she was approached by the local Girl Scout organization in which she had been an active troop leader, about donating the land for a summer camp site. Emma agreed and deeded the land to the Girl Scouts for their camp in February 2018. The fair market value of the land at the end of 2017 was $55,000 and in February 2018 was $56,000. Emma's adjusted gross income was $100,000 for 2017 and $110,000 for 2018. Emma expects her AGI to decrease to $10,000 in 2019 because most of her future retirement income will be from tax-exempt sources. What is the maximum amount Emma can deduct for 2018 if this is her only itemized deduction?

• A) $46,000
• B) $50,000
• C) $55,000
• D) $56,000

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Definitions:

Wilhelm Wundt

A psychologist often regarded as the father of experimental psychology, known for establishing the first psychology laboratory.

Psychology

The scientific study of the human mind and its functions, especially those affecting behavior in a given context.

Science

Science is the systematic study of the structure and behavior of the physical and natural world through observation and experiment.

Modern Psychologists

Psychologists who practice and contribute to the field of psychology using contemporary theories, methods, and research findings.