During 2016, Vincent Tally gave to the municipal art museum title to his private collection of rare books that was appraised and valued at $60,000. However, he reserved the right to the collection's use and possession during his lifetime. For 2016, he reported an adjusted gross income of $100,000. Assuming that this was his only contribution during the year and that there were no carryovers from prior years, what amount can he deduct as contributions for 2016?
a) $30,000
b) $50,000
c) $60,000
d) $0
Ans: d) $0
Business
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