Question: Charitable Contributions ( LO 5 . 9 ) Tabitha donates a painting that she purchased three years ago for $ 8 , 0 0 0

Charitable Contributions (LO 5.9)
Tabitha donates a painting that she purchased three years ago for $8,000, to a university for display in the president's office. The fair market value of the painting on the date of the gift is $14,000. If Tabitha had sold the painting, the difference between the sales price and her cost would have been a long-term capital gain.
How much is Tabitha's charitable contribution deduction for this donation (before any AGI-based limitations)?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!