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Eleanor was a known philanthropist in her community. throughout her life she frequently donated to causes she deeply cared about but for personal reasons never
Eleanor was a known philanthropist in her community. throughout her life she frequently donated to causes she deeply cared about but for personal reasons never included these in her tax filings. Eleanor purchased a painting many years ago for $10,000 an incurred a $500 fee in authentication cost. over the years the painting value appreciated substantially. in her will she bequeathed this painting to a renowned Art Museum. at the time of her death the painting was valued at $100000. her nephew Oliver has taken on the responsibility of finalizing Eleanor final tax return. which of the following statements regarding the charitable donation tax credit in Eleanor final return is false? A) If Eleanor total eligible donation claims exceed her net income for the year she died. Oliver can only adjust her tax return for the preceding year by a maximum of 110% of eleanor's net income for that preceding year. B) The adjusted cost base of the donated painting is $10,500 calculated by adding the purchase price of $10,000 to the authentication fee of $500. C) Oliver can claim Eleanor's unreported charitable donations from up to five years before the year of her death. D) in the event Oliver
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