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. Assume CARES Act applies. Dean reported the following recipients:
| Charity | Property | Cost | FMV | |||
| State University | Cash | $ | 18,000 | $ | 18,000 | |
| Red Cross | Cash | 16,000 | 16,000 | |||
| State History Museum | Antique painting | 5,300 | 94,000 | |||
| City Medical Center | Dell stock | 58,000 | 47,000 | |||
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c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the contribution. What is Dean's charitable contribution deduction for the painting in this situation (ignoring AGI limitations)?
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Beyond Audit Auditing Remotely And Delivering Value
Authors: Robert L. Mainardi
1st Edition
1119789605, 978-1119789604
