Business
Business, 07.03.2020 03:48, hopkinbr

A taxpayer donates land to his church. The taxpayer paid $55,000 for the land several years ago. It is worth $75,000 at the time it was donated. This was the only charitable contribution the taxpayer made during the year. If the taxpayer's AGI is $100,000, which of the following could be an accurate statement regarding the taxpayer's charitable deduction for the land?a-The taxpayer deducts $55,000 in the current yearb-The taxpayer deducts $30,000 in the current year and carries over $25,000 to the next tax yearc-The taxpayer deducts $30,000 in the current year and carries over $45,000 to the next tax yeard-Both a. and d

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A taxpayer donates land to his church. The taxpayer paid $55,000 for the land several years ago. It...

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