2. Curtis had AGI of $150,000 in 2022. He donated a painting to the American Heart Association, a qualified charitable organization. The fair market value of the painting is $65,000, and Curtis purchased it three years ago for $50,000. The charity indicated that it would sell the painting to generate cash to fund medical research. Determine the amount of charitable contribution deduction for 2022. a) $75,000. b) $50,000. c) $65,000. d) $45,000.

2. Curtis had AGI of $150,000 in 2022. He donated a painting to the American Heart Association, a qualified charitable organization. The fair market value of the painting is $65,000, and Curtis purchased it three years ago for $50,000. The charity indicated that it would sell the painting to generate cash to fund medical research. Determine the amount of charitable contribution deduction for 2022. a) $75,000. b) $50,000. c) $65,000. d) $45,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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