Jonathan contributes a sculpture to an art museum in November of this year. He has owned the painting for 12 years and it is worth $130,000 at the time of the donation. Jonathan’s adjusted basis for t

Jonathan contributes a sculpture to an art museum in November of this year. He has owned the painting for 12 years and it is worth $130,000 at the time of the donation. Jonathan’s adjusted basis for the sculpture is $90,000, and his AGI for the year is $250,000. Jonathan asked you whether he should make the reduced deduction election for this contribution.

What do you think? Explain his options.

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