Question
On 3/15/18 Brian donated a painting worth $500,000 to an art museum. If Brian, had sold the painting it would have recognized a longterm capital
On 3/15/18 Brian donated a painting worth $500,000 to an art museum. If Brian, had sold the painting it would have recognized a longterm capital gain of $100,000.
During 2018 Brian. had the following income and expenses: $4,000,000 gross income, $3,000,000 business expenses, $100,000 dividends received deduction, $100,000 net operating loss carryforward, $60,000 net operating loss carryback, and a capital loss carries back of $30,000.
Determine Brian.s current charitable contribution and charitable contribution deduction in 2018, and charitable contribution carry forward.
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