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Linda, an avid art enthusiast, has a rare sculpture she purchased in 2005 for $50000. Recognizing the importance of the piece, she decides to donate
Linda, an avid art enthusiast, has a rare sculpture she purchased in 2005 for $50000. Recognizing the importance of the piece, she decides to donate it this year to her city's main art gallery. The sculpture, after an expert evaluation is valued at $250000. Before this donation, linda's net income for the year was $100000. What amount can linda claim for the federal charitable donations tax credit? a) $225000 b) 150000 c) 125000 c) 175000
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