Josh Donated a Painting to the Local Art Museum

question 20

Multiple Choice

Josh donated a painting to the local art museum.He purchased the painting twenty years ago for $34,000,and its appraised FMV at date of gift was $115,000.Which of the following statements about this donation is true?

• A)Josh must recognize an $81,000 long-term capital gain and is allowed a $115,000 charitable contribution deduction.
• B)Josh recognizes no gain and is allowed a $115,000 charitable contribution deduction.
• C)Josh recognizes no gain and is allowed a $34,000 charitable contribution deduction.
• D)None of the above is true.

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Definitions:

Treatment Conference

A meeting among healthcare providers to develop, review, or coordinate a treatment plan for a patient.

Treatment Groups

Groups formed for the purpose of addressing specific psychological issues, where members support one another under the guidance of a therapist.

Socialization

The process by which individuals learn the norms, values, behaviors, and social skills appropriate to their society.

Treatment Conference

A meeting focused on discussing and planning the treatment or intervention strategies for an individual or group, often involving multiple stakeholders.