Question
Required information Skip to question [The following information applies to the questions displayed below.] In addition to cash contributions to charity, Dean decided to donate
Required information
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[The following information applies to the questions displayed below.]
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 |
a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions.
a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions Step by Step Solution
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Auditing Cases An Interactive Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
4th Edition
0132423502, 978-0132423502
