An oil painting was given to the St. Louis Art Museum for display in their art gallery. Five years ago, he purchased the painting for $10,000. The art museum's independent appraisal values the painting at $24,000 FMV at the time of the donation 2) A baseball card collection to the salvation army to sell in an annual auction. His basis in the baseball card collection is $500 He owned all of the cards for at least 1 year and the collection is currently valued at $1.200 per Independent appraisal which was also the sales price at the auction. 31 Stock in intel to his church. He bought the stock over 20 years ago and has a basis of $30,000. The FMV is $50.000 Assuming that Steve's AGI is $300,000 and he has no other charitable donations: shat is the amount he can deduct on his tax return as a charitable deduction? O

A $40.500 

B. $60,500 

C $74500 

D $575,200

Answer rating: 100% (QA)

ANSWER B 60500 CALCULATION The maximum deduction for charitable donations is 50 of AGI so Steve can ... View the full answer