Land, commercial real estate, such as apartment buildings, or even a private home, can be given outright to the Calumet Theatre. The donor of real estate will receive a federal income tax deduction for the present fair market value and that will save them from the capital gains tax.
An example of a real estate gift and how it benefits the donor is shown in the case of David M. He decided that his apartment building would make a fine gift to his favorite charity that he had supported for years. His savings and earnings from his other properties are sufficient for him and his wife to live for years to come. He deeds his apartment building to the charity