Question
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 portrait many years ago as investments. Dean reported the following recipients:
| Charity | Property | Cost | FMV | |||
| State University | Cash | $ | 16,000 | $ | 16,000 | |
| Red Cross | Cash | 15,000 | 15,000 | |||
| State History Museum | Painting | 5,100 | 86,000 | |||
| City Medical Center | Dell stock | 38,000 | 27,000 | |||
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b. Assume that Deans AGI this year is $200,000. Determine Deans itemized deduction for his charitable contributions this year and any carryover.
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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Research Methods For Accounting And Finance Global Management Series
Authors: Audrey Paterson, Kevin D. Ogorman, David Leung, Robert Macintosh, William Jackson
1st Edition
1910158895, 978-1910158890
