Brooke wants to donate a parcel of land (basis of $50,000;fair market value of $200,000)to her church,which it plans to use for a new parsonage.However,since Brooke wants to recover her capital investment,she plans to sell the property to the church for $50,000.Comment on the tax consequences of this proposed sale.

Question

Quizplus · Accepted Answer

The Answer of Brooke wants to donate a parcel of land (basis of $50,000;fair market value of $200,000)to her church,which it plans to use for a new parsonage.However,since Brooke wants to recover her capital investment,she plans to sell the property to the church for $50,000.Comment on the tax consequences of this proposed sale.

Brooke Wants to Donate a Parcel of Land (Basis of $50,000;fair