Joe Banks has an AGI of $270,000. In the current tax year, he has made the following gifts all of which went to 50% organizations: $10,000 in cash to American Cancer Society $75,000 (FMV) Civil War oil painting - Joe had inherited it from his Grandfather several years ago and at the time of his Grandfather's death the painting had a FMV of $70,000. Joe decided to donate it to an Art Museum with the hope it could be better appreciated. They have assured him they will display it in the lobby. $48,000 (FMV) of ADP stock. Joe was gifted the stock from his Aunt several years ago. At the time of the transfer, the stock had a FMV of $15,000, although the Aunt had purchased it for $1,000 10 years or so before the gift to her Nephew. In addition to those contributions, Joe gave the following to Helping Hand, a private non-operating foundation (30% Organization). $16,000 (FMV) of Google stock. Joe just purchased this stock 4 months ago for $12,000. If Joe elects to use the basis election ($70,000) for the valuation of the oil painting, how much is the total deduction in the current year and how much will be carried over to next year