Determine Dean's itemized deduction for his charitable contributions this year a
Chapter13: Estate Taxes
Section: Chapter Questions
Problem 1CTD
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![Required information
Problem 6-51 (LO 6-2) (Static)
[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
State University
Cash
Cost
$ 15,000
FMV
$ 15,000
Red Cross
Cash
State History Museum
City Medical Center
Antique painting
Dell stock
14,500
5,000
28.000
14,500
82,000
17,000
Problem 6-51 Part-b (Static)
b. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this year and
any carryover.
Deduction
Carryover](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6b0a8a4d-22fd-46d4-b1de-999136a689f2%2F7fb28d0f-6e6a-4723-bfe3-3b3b273a674f%2Fcnjnh1l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 6-51 (LO 6-2) (Static)
[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
State University
Cash
Cost
$ 15,000
FMV
$ 15,000
Red Cross
Cash
State History Museum
City Medical Center
Antique painting
Dell stock
14,500
5,000
28.000
14,500
82,000
17,000
Problem 6-51 Part-b (Static)
b. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this year and
any carryover.
Deduction
Carryover
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