ACCT 401 DB 2

There will be 4 Group Discussion Board Forums throughout the course.  Groups will be assigned alphabetically based on last name. The purpose  of Group Discussion Board Forums is to generate interaction among  students in regard to relevant current course topics. You are required  to post 1 thread of at least 500 words and 2 replies of at least 250  words each in response to 2 classmates’ threads. For each thread, you  must support your assertions with at least 2 citations other than the  textbook. The Bible must be one of those sources. Everything must be in  current APA format, and citations for the replies are not required but  encouraged.
Your thread is due by 11:59 p.m. (ET) on Thursday of the module/week  in which it is assigned, and your 2 replies are due by 11:59 p.m. (ET)  on Sunday of the same module/week.

Question 4: 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.