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Simone donated a landscape painting (tangible capital gain property) to a library, a public charity. She purchased the painting five years ago for $52,000, and
Simone donated a landscape painting (tangible capital gain property) to a library, a public charity. She purchased the painting five years ago for $52,000, and on the date of the gift, it had a fair market value of $202,000. What is her maximum charitable contribution deduction for the year if her AGI is $302,000 (before considering the itemized deduction phase-out)?
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