Karen,a calendar year taxpayer,made the following donations to qualified charitable organizations in 2012: The land had been held as an investment and was acquired 4 years ago.Shortly after receipt,the City of Terre Haute sold the land for $210,000.Karen's AGI is $450,000.The allowable charitable contribution deduction is:
A) $84,000 if the reduced deduction election is not made.
B) $100,000 if the reduced deduction election is not made.
C) $165,000 if the reduced deduction election is not made.
D) $170,000 if the reduced deduction election is made.
E) None of the above.

Question

Karen,a calendar year taxpayer,made the following donations to qualified charitable organizations in 2012:  The land had been held as an investment and was acquired 4 years ago.Shortly after receipt,the City of Terre Haute sold the land for $210,000.Karen's AGI is $450,000.The allowable charitable contribution deduction is:
A) $84,000 if the reduced deduction election is not made. 
B) $100,000 if the reduced deduction election is not made. 
C) $165,000 if the reduced deduction election is not made. 
D) $170,000 if the reduced deduction election is made. 
E) None of the above.

Quizplus · Accepted Answer

The Answer of Karen,a calendar year taxpayer,made the following donations to qualified charitable organizations in 2012:  The land had been held as an investment and was acquired 4 years ago.Shortly after receipt,the City of Terre Haute sold the land for $210,000.Karen's AGI is $450,000.The allowable charitable contribution deduction is:
A) $84,000 if the reduced deduction election is not made. 
B) $100,000 if the reduced deduction election is not made. 
C) $165,000 if the reduced deduction election is not made. 
D) $170,000 if the reduced deduction election is made. 
E) None of the above.

Karen,a Calendar Year Taxpayer,made the Following Donations to Qualified Charitable