| 18.||Question :||(TCO 3) Karen, a calendar year taxpayer, made the following donations to qualified charitable organizations in the current year:|
| Basis||Fair MarketValue|
|Cash donation to Midwest State University||$30,000||$ 30,000|
|Unimproved land to the city of Terre Haute, Indiana||$70,000||$210,000|
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: