Carol contributes a painting to a local museum for display. Her AGI is $60,000. Carol paid $22,000 for the painting in 2006, but its market value at the date of the contribution is $25,000. With no special elections, Carol's deductible contribution this year?

Answer rating: 100% (QA)

To determine Carols deductible contribution for the painting we need to consider the rules for chari... View the full answer