Question
In 2023, Darcy made the following charitable contributions: Donee Property Cost FMV State University IBM stock $ 15,000 $ 10,500 Salvation Army Clothes 2,500 500
In 2023, Darcy made the following charitable contributions:
Donee Property Cost FMV
State University IBM stock $ 15,000 $ 10,500
Salvation Army Clothes 2,500 500
State Art Museum Painting 5,000 45,000
City Hospital Cash 8,000
Required
Determine the maximum amount of charitable deduction for Darcys contribution of the painting if her AGI is $80,000 this year. You may assume that both the stock and painting have been owned for 10 years and the painting is used in the State Art Museums charitable purpose.
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Intermediate Accounting IFRS Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
2nd Edition
1118443969, 978-1118443965
