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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
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 in 2021: Charity Property Cost State University Cash $ 18,800 FMV $ 18,800 Red Cross Cash 16,400 16,400 State History Museum City Medical Center Antique painting Dell stock 5,380 66,000 97,200 55,000 Problem 6-49 Part-b (Algo) b. Assume that Dean's AGI this year is $340,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. Deduction Carryover Problem 6-49 Part-c (Algo) 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)? Charitable contribution deduction Problem 6-49 Part-d (Algo) d. Suppose that Dean's objective with the donation to the museum was to finance expansion of the historical collection. Hence, Dean was not surprised when the museum announced the sale of the painting because of its limited historical value. What is Dean's charitable contribution deduction for the painting in this situation (ignoring AGI limitations)? Charitable contribution deduction
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