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In the current year , Oriole Corporation donated a painting worth $30,000 to the Texas Art Museum, a qualified public charity. The museum included the
In the current year, Oriole Corporation donated a painting worth $30,000 to the Texas Art Museum, a qualified public charity. The museum included the painting in its permanent collection. Oriole Corporation purchased the painting five years ago for $10,000. Oriole's charitable contribution deduction is $30,000 (ignoring the taxable income limitation).
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