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 century.
In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the century. Dean purchased the stock and portrait many years ago as investments. Dean reported the following recipients:
Charity Property Cost FMV
State University Cash $15,000 $15,000
Red Cross Cash 14,500 14,500
State History Museum Painting 5,000 82,000
City Medical Center Dell stock 28,000 17,000
*Assume that Dean's AGI this year is $240,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover.
Deduction____________?
Carryover____________?
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