Smokey Purchases Undeveloped Land in 1999 for $20,000

question 15

Multiple Choice

Smokey purchases undeveloped land in 1999 for $20,000. In the current year he contributes the property to the Camp Fire Girls of America to use as their summer camp. The fair market value of the land at the date of the contribution is $25,000. If Smokey's AGI is $100,000, what is his maximum deductible charitable contribution?

• A)$5,000
• B)$20,000
• C)$25,000
• D)$30,000
• E)$50,000

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