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.

---

Definitions:

Procedural Problems

Issues or difficulties related to the methods or processes followed in the accomplishment of tasks.

Intragroup Conflict

Conflict that occurs within a group, among its members, often stemming from differences in opinions, goals, or values.

Heider's Balance Theory

A theory that suggests individuals are motivated to maintain consistency among their beliefs, attitudes, and sentiments, leading to a harmonious state.

Dual Concerns Model

A conflict resolution framework positing that individuals’ approaches to conflict are determined by their levels of concern for self and others.