Mortimer is an avid collector of antiques associated with the funeral industry. the local hospital is running a campaign to redecorate and expand their lobby, and as a show of support, mortimer donates a 19th century horse-drawn hearse in mint condition to the hospital. he purchased several of these hearses 30 years ago for $300 each, but the current estimated market value of the hearse today is in the range of $30,000. the hospital decides to sell the hearse and dedicate the proceeds to the renovation effort. mortimer's agi is $50,000. which of the following statements concerning mortimer's charitable deduction is correct?
a. mortimer's deduction for the current tax year will be limited to $25,000.b. mortimer's deduction for the current tax year will be limited to $15,000.c. at least $5,000 of the deductible amount will have to be carried over to future tax years.
d. mortimer's income tax deduction is $300.