McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

Exercise 81

{Research} Maple Corp.owns several pieces of highly valued paintings that are on display in the corporation's headquarters.This year, it donated one of the paintings valued at $100,000 (adjusted basis of $25,000) to a local museum for the museum to display.What is the amount of Maple Corp.s charitable contribution deduction for the painting (assuming income limitations do not apply)? What would be Maple's deduction if the museum sold the painting one month after it received it from Maple (Assume Maple corporation had prior knowledge of the museum's intention to sell the painting after it received it)?