west federal taxation 2008 (Graded A+) - use as a guide only - 28205

Solution Posted by


Rating : (80)A
Solution Detail
Price: $7.00
  • From: Business,
  • Posted on: Thu 10 Oct, 2013
  • Request id: None
  • Purchased: 0 time(s)
  • Average Rating: No rating
Request Description

Ken donated a painting to the Hamilton City Art Museum. He acquired the painting 20 years ago at a cost of $10,000. Ken had the painting appraised by the owner of a Hamilton art store, a qualified art appraiser, who estimated its value at $50,000. Ken believed the painting was worth more than $50,000, so he had it appraised by an art dealer from Chicago. The Chicago art dealer, also a qualified art appraiser, appraised the painting at a value of $120,000. Ken itemized deductions and took a charitable contribution deduction of $120,000. Was Ken justified in taking a deduction based on the higher appraisal? Justify your answer


500 words

Solution Description


Answer accounting.docx
Answer accounti...