Marry sold lake-side cabin for $55,000 to state University for use in annual fun

Question

Marry sold lake-side cabin for $55,000 to state University for use in annual fund-raising auction. the appraised value of the cabin was $85,000. Marry purchased the cabin five years earlier as an investment for $40,000. and no depreciation has been deducted or allowed. Marry's AGI is $500,000. 1) what is Marry's charitable Contribution?. 2) Does she have gained or loss realized as a result of making the contribution? 3) would you answers differ if the property were a painting that Mary had purchased several years ago instead of lake-side cabin?

Explanation / Answer

Solution:

1)

85000 - 55000

2)

She have gained as a result of making the contributions

3)

Yes .

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