MsBjorn's Only Contribution This Year Was a Donation of Marketable

question 78

Multiple Choice

Ms.Bjorn's only contribution this year was a donation of marketable securities (FMV $600,000; tax basis $273,000) to a public charity.Her AGI was $814,000.Which of the following statements is true?

• A)Ms.Bjorn's charitable contribution deduction is limited to $407,000,and she has a $193,000 contribution carryover to future years.
• B)Ms.Bjorn's charitable contribution deduction is $273,000.
• C)Ms.Bjorn's charitable contribution deduction is limited to $407,000.The $193,000 nondeductible amount will never result in a tax benefit.
• D)Ms.Bjorn's charitable contribution deduction is $600,000.

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Definitions:

Color-field Painter

An artist who employs the color field painting technique, characterized by large, solid areas of color, intended to evoke an emotional reaction through the use of color alone.

Diluted Paint

Paint that has been thinned with water or another solvent, used to achieve lighter tones or a more fluid consistency in painting.

Helen Frankenthaler

An American abstract expressionist painter known for her pioneering work in the color field painting movement.

Large-scale Portraits

Artworks that are larger than life-size, often created to emphasize the importance or status of the subject being portrayed.