On 3/15/18 Brian donated a painting worth$500,000 to an art museum. If Brian, had soldthe painting it would have recognized a long-term capital gain of $100,000.During 2018 Brian. had the following incomeand expenses: $4,000,000 gross income,$3,000,000 business expenses, $100,000dividends received deduction, $100,000 netoperating loss carryforward, $60,000 netoperating loss carryback, and a capital losscarries back of $30,000.Determine Brian's current charitablecontribution and charitable contributiondeduction in 2018, and charitable contributioncarry forward.

The charitable contribution is $500,000

Answered: On 3/15/18 Brian donated a painting…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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