Pedro contributes a painting to an art museum in October of this year. He has owned the painting for 12 years, and it is worth $130,000 at the time of the donation. Pedro's adjusted basis for the painting is $90,000, and his AGI for the year is $250,000. Pedro has asked you whether he should make the reduced deduction election for this contribution. Write a letter to Pedro Valdez at 1289 Greenway Avenue, Foster City, CA 94404 and advise him on this matter.