Colby has decided to make charitable contributions of property this year. He donates a painting (adjusted basis $900, fair market value $40,000) that he previously created to a local art museum (a public charity under section 501(c)(3)). The painting will be exhibited in the museum's modern art collection. His adjusted gross income is $90,000. What is his charitable deduction for this year? Select one: a. $0 b. $900 c. $45,000 d. $40,000
Colby has decided to make charitable contributions of property this year. He donates a painting (adjusted basis $900, fair market value $40,000) that he previously created to a local art museum (a public charity under section 501(c)(3)). The painting will be exhibited in the museum's modern art collection. His adjusted gross income is $90,000. What is his charitable deduction for this year? Select one: a. $0 b. $900 c. $45,000 d. $40,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Colby has decided to make charitable contributions of property this year. He donates a painting (adjusted basis $900, fair market value $40,000) that he previously created to a local art museum (a public charity under section 501(c)(3)). The painting will be exhibited in the museum's modern art collection. His adjusted gross income is $90,000. What is his charitable deduction for this year?
Select one:
a. $0
b. $900
c. $45,000
d. $40,000
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