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 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 |
- Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions.
- Assume that Deans AGI this year is $150,000. Determine Deans itemized deduction for his charitable contributions this year and any carryover.
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ISE International Financial Management
Authors: Cheol Eun, Bruce Resnick, Tuugi Chuluun
9th International Edition
1260575314, 9781260575316
