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?