Dorchester purchased investment realty in 2001 for $25,000. During the current year, he contributes it to the American Heart Association to use as the site for its new local headquarters. The realty has a value of $52,000 on the contribution date, and Dorchester's AGI is $100,000. Dorchester's maximum current year contribution deduction is:

The answer is $30,000

Explanation:

Solution

Given that:

Dorchester in 2001  purchased investment realty for = $25,000.

The value of the reality = $52,000

Dorchester's Adjusted gross income = $100,000

Now,

We find the maximum present year contribution deduction of Dorchester

Thus,

The amount of deduction is shown as follows.

The reality value = $52,000

50% of the adjusted gross income is  = $100,000  * 30% =$30,000

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