Hugh Contributes a Painting to a Local Museum for Display

question 11

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) $17,500.
• C) $22,000.
• D) $16,000.