Question
#28) An individual donates artwork to San Francisco General Hospital. This was the only charitable contribution the taxpayer makes during the year. The artwork was
#28) An individual donates artwork to San Francisco General Hospital. This was the only charitable contribution the taxpayer makes during the year. The artwork was purchased several years ago for $50,000; it is worth $140,000 at the time of the donation. The taxpayer's AGI is $160,000. Which of the following could be an accurate statement regarding the taxpayer's charitable deduction for the artwork?
Group of answer choices
a-The taxpayer deducts $48,000 in the current year and carries over $2,000 to the next year.
b-The taxpayer deducts $48,000 in the current year and carries over $92,000 to the next year.
c-The taxpayer deducts $50,000 in the current year and carries over $0 to the next year.
d-None of the above statements could be accurate with respect to the taxpayer's charitable contribution deduction.
Please show your calculations. Thanks.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started