In 2012 Gray com. a calender year C corporation has a &70,000 charitable contribution carryover from a gift make in 2007. Gray is contemplation a gift of land to a qualified charity in either 2012 or 2013 . Gray purchased the land as an investment five years ago for $100,000( current fire market value is $250,000). Before considering any charitable deduction, Gray projects taxable income of $1 million for 2012 and $1.2 million for 2013. Should Gray make the gift of the land to charity in 2012 or 2013?
This question was asked on Jan 09, 2013.
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