Question: problem 5 2 8 Tabitha donates a painting that she purchased three years ago for $ 8 0 0 0 to university for display in

problem 528 Tabitha donates a painting that she purchased three years ago for $8000 to university for display in the presidents 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 Tabithas charitable contribution deduction for this donation before any AGI based limitations? Blank is deductible because the painting blank put to a used directly related to the organizations primary purpose. The deduction is blank the amount of potential long-term gain.

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!