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Business, 27.06.2019 21:10, brooklyn4932
Arthur transfers property valued at $250,000 to a charitable organization in return for a single life annuity based on his life value at $130,000. arthur’s adjusted basis in the transferred property was $95,000. arthur died two years after the transaction and at the time of his death, the property had a fair market value of $325,000. at the time of the initial transfer, what was arthur’s charitable income tax deduction (ignoring any agi limitations)? $75,000. $120,000. $155,000. $250,000.
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