Marry sold lake-side cabin for 55000 to state university

Reference no: EM13597940

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?

Reference no: EM13597940

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