Form 502ac - Maryland Subtraction For Contribution Of Artwork - 2014

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2014

MARYLAND

SUBTRACTION FOR

FORM

CONTRIBUTION OF ARTWORK

502AC

Attach to your tax return.

Print using blue or black ink only.

Your first name and initial

Last name

Social Security Number

Spouse’s first name and initial

Last name

Social Security Number

Present address (No. and street)

City or town

State

ZIP code

Check Return Filed:

502 Resident

505 Nonresident

PART A – Qualification of Taxpayer

Current Year

1. Federal adjusted gross income plus Maryland additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. _____________________

2. Enter 50% of line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. _____________________

3. Gross income from the sale of artwork produced by the taxpayer . . . . . . . . . . . . . . . . . . . . . . . 3. _____________________

Prior Year

4. Federal adjusted gross income plus Maryland additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. _____________________

5. Enter 50% of line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. _____________________

6. Gross income from the sale of artwork produced by the taxpayer . . . . . . . . . . . . . . . . . . . . . . . . . 6. ____________________

If line 2 exceeds line 3 and line 5 exceeds line 6, you do not qualify for this subtraction.

PART B – Certification of Museum

Name of museum

Number and street

City

State

ZIP code

Is the museum located in the state of Maryland? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

Is the museum open to the general public? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

9. Has the museum accepted the donated artwork? If yes, attach a certificate of acceptance from the museum. . . .

Yes

If the answer to any of these questions is no, you do not qualify for this subtraction.

PART C – Amount of Subtraction

If you have completed Parts A and B above and are eligible to claim this subtraction, compute the amount of your

subtraction below.

10. Enter the fair market value of the artwork. (Attach certified appraisal.) . . . . . . . . . . . . . . . . . 10. _____________________

11. Enter any portion of the fair market value of the artwork contained in your federal or state

itemized deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. _____________________

12. Subtract line 11 from line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. _____________________

13. Enter the amount from line 2 above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13. _____________________

14. Enter the lesser of line 12 or line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14. _____________________

Your Maryland-only subtraction for the contribution of artwork is the amount on line 14. Include this amount on

line m of Form 502SU or line m of Form 505SU.

COM/RAD-010