In 1990,Gloria purchased as an investment unimproved land for $50,000.In 2009,she sells the land,now worth $200,000,to her church for $50,000.As a result of this transaction,Gloria reports:
A) No gain and no charitable deduction.
B) No gain and a charitable deduction of $50,000.
C) No gain and a charitable deduction of $150,000.
D) A $150,000 capital gain and a charitable deduction of $200,000.
E) A $37,500 capital gain and a charitable deduction of $150,000.
Correct Answer:
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