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:

Age

The length of time that a person has lived or a thing has existed.

Tongue Blade

A tool used in medical examinations to depress the tongue and allow for a better view of the throat and mouth.

Assessment

The systematic process of gathering and interpreting information to make decisions or solve problems.

Throat

The anterior part of the neck, starting from the mouth and nasal cavity down to the larynx and esophagus, serving as a pathway for food and air.