Ask Question
19 May, 21:55

In the current year, Oriole Corporation donated a painting worth $30,000 to the Texas Art Museum, a qualified public charity. The museum included the painting in its permanent collection. Oriole Corporation purchased the painting 5 years ago for $10,000. Oriole's charitable contribution deduction is $30,000 (ignoring the taxable income limitation).

a. True

b. False

+5
Answers (1)
  1. 19 May, 22:21
    0
    b. False

    Explanation:

    Selling price of Painting = $30,000

    Purchase price of Painting = $10,000

    Contribution of Painting = Value of Painting - Purchase price of painting

    Contribution of Painting = $30,000 - $10,000 = $20,000

    Oriole's charitable contribution deduction is $20,000

    So, the statement is false as the contribution is $20,000 rather $30,000.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “In the current year, Oriole Corporation donated a painting worth $30,000 to the Texas Art Museum, a qualified public charity. The museum ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers