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:

Deoxyribonucleic Acid

A molecule that carries most of the genetic instructions used in the growth, development, functioning, and reproduction of all known living organisms and many viruses.

DNA

Deoxyribonucleic acid, the molecule that carries the genetic instructions used in the growth, development, functioning, and reproduction of all known living organisms and many viruses.

Mitosis

The form of cell division in which each chromosome splits lengthwise to double in number. Half of each chromosome combines with chemicals to retake its original form and then moves to the new cell.

Genetic Code

A set of rules used by living cells to translate information encoded within genetic material (DNA or mRNA sequences) into proteins.