Josh donated a painting to the local art museum.He purchased the painting twenty years ago for $34,000,and its appraised FMV at date of gift was $115,000.Which of the following statements about this donation is true?
A) Josh must recognize an $81,000 long-term capital gain and is allowed a $115,000 charitable contribution deduction.
B) Josh recognizes no gain and is allowed a $115,000 charitable contribution deduction.
C) Josh recognizes no gain and is allowed a $34,000 charitable contribution deduction.
D) None of the above is true.
Correct Answer:
Verified
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