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.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 27MCQ

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A local citizen gives the City of Salem a painting by Picasso to display in city hall. Assume that the city does not choose to report the painting on the government-wide financial statements as a capital asset. Must the city report a revenue for the gift?
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