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19. Rafaela donated a painting to a registered charity. An independent appraiser valued the painting at $150,000. Rafaela bought the painting eight year ago for

19. Rafaela donated a painting to a registered charity. An independent appraiser valued the painting at $150,000. Rafaela bought the painting eight year ago for $60,000. Her income from other sources is $70,000. a) What is her taxable income for the year? (2 marks) b) How much of the $150,000 donation can she claim in the current year? (2 marks) c) What is the value of her federal tax credit for the year? (2 marks) d) How much of the donation can she carry forward to subsequent years? (1 mark) Scott sold the cottage Total Gain

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