Question: Barbara donates a painting that cost 5 000 3 years ago

Barbara donates a painting that cost $5,000 3 years ago to a university for display in the president’s office. The fair market value of the painting on the date of the gift is $7,000. If Barbara had sold the painting, the difference between the sales price and her cost would have been a long­term capital gain.
a. How much is Barbara’s charitable contribution deduction for this donation?
$ __________________
b. Explain

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  • CreatedJuly 16, 2015
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