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 centur
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 2024:
\r\nCharity Property Cost FMV
\r\nState University Cash $ 15,000 $15,000
\r\nRed Cross Cash 14,500 14,500
\r\nState History Museum Antique painting 5,000 82,000
\r\nCity Medical Center Dell stock 28,000 17,000
\r\na. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions.
\r\nb. Assume that Dean’s AGI this year is $150,000. Determine Dean’s itemized deduction for his charitable contributions this year and any carryover.
\r\nc. Suppose Dean is a dealer in antique paintings, and he held the painting for sale before the contribution. What is Dean’s charitable contribution deduction for the painting in this situation?
\r\nd. Suppose that Dean’s objective with the donation to the museum was to finance 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 Dean’s charitable contribution deduction for the painting in this situation (ignoring AGI limitations)?
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