Question

Simone donated a landscape painting (tangible capital gain property) to a library, a public charity. She purchased the painting five years ago for $50,000, and on the date of the gift, it had a fair market value of $200,000. What is her maximum charitable contribution deduction for the year if her AGI is $300,000?

• $100,000.

• $200,000.

• $90,000 if the library uses the painting in its charitable purpose.

• $150,000.

• None of the choices are correct.

Answer 1

A limit, of no more than 30% of your AGI, applies to other types of charitable groups, which is 300000*30% =90,000

the answer is:-

• $90,000 if the library uses the painting in its charitable purpose.