Jacques Corporation owns a famous painting that has been appraised for $500,000. The corporation's basis in the naintine is $150000, and the corporation has owned the painting for 4 years. Jacques donates the painting to a local art museum. Instead of displaying the painting for visitors to see, the museum sold the painting for $500,000 to raise cash to pay off debt. How much can Jacques deduct for this contribution, assuming there are no taxable income limitations on the deduction? $500,000 $150,000 $350,000 $400,000