LO 5.4 14. Barbara donates a painting that cost $5,000 3 years ago to a university for

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LO 5.4 14. Barbara donates a painting that cost $5,000 3 years ago to a university for display in the president’s office. The fair market value of the painting on the date of the gift is

$7,000. If Barbara had sold the painting, the difference between the sales price and her cost would have been a long-term capital gain.

a. How much is Barbara’s charitable contribution deduction for this donation?

$ ____________

b. Explain ________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________

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