Heather makes cash contributions during the current year of $30,000 and donates property worth $40,000 to a local hospital. She purchased the property several years ago for $32,000. Her adjusted gross income is $100,000. a. What is Heather's maximum deduction if the property is ordinary income property? b. What is Heather's maximum deduction if the property is long-term capital gain property?
Hi
Let me know in case you face any issue:
Get Answers For Free
Most questions answered within 1 hours.