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Penney had just won the Oscar for her portrayal of a waitress at the Cheesecake Factory in a low-budget independent film. To celebrate her success, she donated a painting (tax basis, $65,000 & FMV, $250,000) that had been in her family for years to the Cal State Art Museum. She understood that the museum would include her donated painting in an upcoming auction to raise funds for a new roof. She had AGI of $200,000. How much can Penney deduct in the year she made this contribution? Assume Penney's AGI will remain at $200,000 each year for the foreseeable future. Note, if more than one answer is correct, do what is best for Penney in the long-term.

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