Al contributed a painting to the Metropolitan Art Museum of St.Louis, MO.The painting, purchased six years earlier, was worth $40,000 when donated, and Al's basis was $25,000.If this painting is immediately sold by the museum and the proceeds are placed in the general fund, Al's charitable contribution deduction is $25,000 (subject to percentage limitations).

Question

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Al can only deduct the basis of the painting, which is $25,000, as his charitable contribution, even though the painting is worth $40,000 at the time of donation.

Al Contributed a Painting to the Metropolitan Art Museum of St.Louis