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Sidney purchased land in 2004 for $35,000 that she held as a capital asset. This year, she contributed the land to the Boy Scouts of America for use as a site for a summer camp. The market value of the land at the date of contribution is $40,000. Sidney's adjusted gross income is $90,000. Assuming no special elections, Sidney's maximum deductible contribution this year is

A. $13,000
B. $27,000
C. $35,000
D. $40,000

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Accounting Basics, Accounting

Category:- Accounting Basics
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