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 2023 Charity Property Cost FMV State University Cash $15,000 $15,000 Red Cross Cash 14,500 14,500 State History Museum Antique painting 5,000 82,000 City Medical Center Dell Stock 28,000 17,000 Suppose Dean is a dealer in antique paintings and had held the painting for sale before the contribution What is Deans charitable contribution deduction for the painting in this situation (ignoring AGI limitations) Suppose that Deans objective with the donation to the museum was to finance the expansion of the historical collection Hence, Dean was not surprised when the museum announced the sale of the portrait because of its limited historical value What is Deans charitable contribution deduction for the painting in this situation (ignoring AGI limitations)

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Posted on Sep 28, 2024

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 2023:

Charity	Property	Cost	FMV
State University	Cash	$15,000	$15,000
Red Cross	Cash	14,500	14,500
State History Museum	Antique painting	5,000	82,000
City Medical Center	Dell Stock	28,000	17,000

Suppose Dean is a dealer in antique paintings and had held the painting for sale before the contribution. What is Deans charitable contribution deduction for the painting in this situation (ignoring AGI limitations)?
Suppose that Deans objective with the donation to the museum was to finance the expansion of the historical collection. Hence, Dean was not surprised when the museum announced the sale of the portrait because of its limited historical value. What is Deans charitable contribution deduction for the painting in this situation (ignoring AGI limitations)?