1. Simone donated a landscape painting (tangible capital gain property) to a library, a public charity. She purchased the painting five years ago for $50,000, and on the date of the gift, it had a fair market value of $200,000. In 2021, what is her maximum charitable contribution deduction for the year if her AGI is $300,000?

a. $100,000

b. $200,000

c. $90,000 if the library uses the painting in its charitable purpose

d. $150,000

e. None of the choices are correct.

2. Simone donated a landscape painting (tangible capital gain property) to a library, a public charity. She purchased the painting five years ago for $62,000, and on the date of the gift, it had a fair market value of $212,000. In 2021, what is her maximum charitable contribution deduction for the year if her AGI is $301,200?

a. $89,200

b. $212,000

c. $90,360 if the library uses the painting in its charitable purpose

d. $150,000

e. None of the choices are correct.