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:

Objective Advantage

A definite, measurable benefit that one option or situation has over others, based on factual evidence.

Strategic Thinking

The ability to analyze the present state of an organization, envision a desired future, and plan the necessary steps to achieve this future state.

SWOT Analysis

A strategic planning tool used to identify and understand the Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.

Functional Strategy

A focused approach that targets specific areas of an organization, such as marketing or finance, designing tactics to achieve the objectives within those domains.