Hugh Contributes a Painting to a Local Museum for Display

question 10

Multiple Choice

Hugh contributes a painting to a local museum for display.His AGI is $35,000.Hugh paid $16,000 for the painting in 2000,but its market value at the date of the contribution is $22,000.If Hugh makes the election to maximize the current year deduction,his deductible contribution for this year will be

• A)$10,500.
• B)$16,000.
• C)$17,500.
• D)$22,000.

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Definitions:

Fevers

An increase in body temperature above the normal range, often a sign of infection or illness, reflecting the body's immune response.

Fahrenheit

A temperature scale on which water freezes at 32 degrees and boils at 212 degrees under standard conditions.

Freezing

The process of turning a liquid into a solid by lowering its temperature below its freezing point.

Fahrenheit

A temperature scale in which water freezes at 32 degrees and boils at 212 degrees under standard atmospheric pressure, commonly used in the United States.