Simone Donated a Landscape Painting (Tangible Capital Gain Property) to a Library

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 (before considering the itemized deduction phase-out) ?

A) $100,000
B) $200,000
C) $90,000 if the library uses the painting in its charitable purpose
D) $150,000
E) None of the above

Correct Answer:

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