Carol Contributes a Painting to a Local Museum for Display

question 59

Multiple Choice

Carol contributes a painting to a local museum for display.Her AGI is $60,000.Carol paid $22,000 for the painting in 2006,but its market value at the date of the contribution is $25,000.With no special elections,Carol's deductible contribution this year is

• A)$7,000.
• B)$18,000.
• C)$22,000.
• D)$25,000.

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Definitions:

Legitimate

Something that is lawful, rightful, and in accordance with established rules, often used to describe power or authority.

Legitimate Flattering

The use of sincere compliments and recognition within appropriate and professional bounds to potentially gain favor or positively influence someone.

Managing Impressions

The process of influencing how others perceive you through the intentional modulation of your behavior or appearance.

Power Base

The foundation of authority or influence an individual, group, or organization has, often derived from a combination of knowledge, relationships, and resources.