Josh Donated a Painting to the Local Art Museum

question 39

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 these choices are true.

---

Definitions:

PCL-R

The Psychopathy Checklist-Revised, a diagnostic tool used to assess the presence of psychopathy in individuals.

Antisocial Personality Disorder

A mental health disorder characterized by a long-term pattern of disregard for, or violation of, the rights of others.

Psychopathy

A personality disorder characterized by persistent antisocial behavior, impaired empathy, and often, bold, disinhibited, and egotistical traits.

Egocentricity

The tendency to view everything in relation to oneself, often neglecting the perspectives or experiences of others.