Minho purchased a painting, known as the Glade, twelve years ago for $34,000. This year...

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Accounting

Minho purchased a painting, known as the Glade, twelve years ago for $34,000. This year Minho had an AGI of $5 million, and he donated the painting when it had a fair market value of $115,000. Which of the following statements about this donation is true?

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