8. The Art Institute of Chicago received a contribution of art from a wealthy citizen of Chicago in 2021. The museum has a policy of not reporting works of art on its financial statements. This accounting policy is acceptable if the works of art are added to the museum's collections, and A. They are held for public exhibition. B. They are cared for and preserved. C. If sold, the proceeds are restricted for the purchase of art. D. A and B. E. A, B, and C.

8. The Art Institute of Chicago received a contribution of art from a wealthy citizen of Chicago in 2021. The museum has a policy of not reporting works of art on its financial statements. This accounting policy is acceptable if the works of art are added to the museum's collections, and A. They are held for public exhibition. B. They are cared for and preserved. C. If sold, the proceeds are restricted for the purchase of art. D. A and B. E. A, B, and C.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter12: Nonrecognition Transactions

Section: Chapter Questions

Problem 30P

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