Josh gave a painting to the local art museum in a year when his AGI was $127,000. The painting had a fair market value of $57,000. He paid $23,750 for it five years earlier. The museum will display the painting. What is his charitable contribution deduction?

$57,000

$23,750

$33,250

$28,500

Answer rating: 100% (QA)

Solution Charitable contributions in the form of cash or property made to qualifying organi... View the full answer