3 Cain is considering making a substantial charitable contribution this year His AGI will be $110,000 He is considering one of the following options Cash to the United Way of $60,000 Picasso painting to the United Way The painting has FMV of $180,000 The painting has a basis of $60,000 and was purchased 2 years ago Sled stock to the United Way The stock has FMV of $60,000 The stock has a basis of $75,000 and was purchased 4 years ago Advise Cain what his tax deduction would be for each option and make a recommendation to him as to which item he should donate Explain your recommendation clearly showing all work for how you came up with your conclusion

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Question: 3- Cain is considering making a substantial charitable contribution this year. His AGI will be $110,000. He is considering one of the following options. Cash

3- Cain is considering making a substantial charitable contribution this year. His AGI will be $110,000. He is considering one of the following options.

Cash to the United Way of $60,000.
Picasso painting to the United Way. The painting has FMV of $180,000. The painting has a basis of $60,000 and was purchased 2 years ago
Sled stock to the United Way. The stock has FMV of $60,000. The stock has a basis of $75,000 and was purchased 4 years ago.

Advise Cain what his tax deduction would be for each option and make a recommendation to him as to which item he should donate. Explain your recommendation clearly showing all work for how you came up with your conclusion.

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