Paul Painter is a world renowned artist known for his magnificent landscape paintings. In his free time, Paul is an advocate for the Childrens Hospital of ABC Town, and he painted and donated two paintings to the hospital. The paintings were appraised at $500,000 each, and he spent $300 on supplies. Which one of the following statements is correct regarding Pauls potential charitable tax deduction?

Paul may receive a charitable tax deduction of $1,000,000 for the paintings.

Paul may receive a charitable tax deduction of $1,000,300 for the paintings and supplies.

Paul may receive a charitable tax deduction of $300 for the supplies only.

Paul may receive a charitable tax deduction of $500,000 for the paintings only.