Author Question: Hugh contributes a painting to a local museum for display. His AGI is $35,000. Hugh paid $16,000 for ... (Read 65 times)

haleyc112 · **on:** Sep 13, 2020

Question 1

Grace has AGI of $60,000 in 2015 and 2016. She makes cash contributions to public charities of $34,000 in 2015 and $31,000 in 2016. Grace's charitable contribution carryover to 2017 is
◦ $0.
◦ $1,000.
◦ $4,000.
◦ $5,000.

Question 2

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
◦ $10,500.
◦ $16,000.
◦ $17,500.
◦ $22,000.

hramirez205 · **Reply #1 on:** Sep 13, 2020

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