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53. Hugh contributes a painting to a local museum for display. His AGI is Hugh con $35,000. Hugh paid $16,000 for the painting in 2000,

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53. Hugh contributes a painting to a local museum for display. His AGI is Hugh con $35,000. Hugh paid $16,000 for the painting in 2000, but its market value at the date of the contribution is $22,000. If Hugh makes the election to maximize the current year deduction, his deductible contribution for this year will be a $10,500 $16,000 $17,500 $22,000

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