During 2013,Hom donates a sculpture that cost $1,000 to a museum for exhibition.The sculpture's fair market value was $1,500 on the date of the donation,and Hom's adjusted gross income is $40,000.
a.If Hom had held the sculpture for 4 months and the $500 $1,500 - $1,000)of appreciation would have been a short-term capital gain,calculate the amount of his itemized deduction for the contribution.
b.If Hom had held the sculpture for 2 years and the $500 gain would have been a long-term capital gain,calculate the amount of his itemized deduction for the contribution.

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The Answer of During 2013,Hom donates a sculpture that cost $1,000 to a museum for exhibition.The sculpture's fair market value was $1,500 on the date of the donation,and Hom's adjusted gross income is $40,000.
a.If Hom had held the sculpture for 4 months and the $500 $1,500 - $1,000)of appreciation would have been a short-term capital gain,calculate the amount of his itemized deduction for the contribution.
b.If Hom had held the sculpture for 2 years and the $500 gain would have been a long-term capital gain,calculate the amount of his itemized deduction for the contribution.

During 2013,Hom Donates a Sculpture That Cost $1,000 to a Museum