Question
In 2020, in addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of
In 2020, in addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients:
Charity Property State University Cash$18,400 FMV $18,400
Red Cross Cash 16,200 FMV 16,200
State History MuseumAntique painting 5,340 FMV 95,600
City Medical CenterDell stock 62,000 FMV 51,000
b. Assume that Deans AGI this year is $320,000. Determine Deans itemized deduction for his charitable contributions this year and any carryover.
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