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 2022: Charity State University Red Cross State History Museum City Medical Center Deduction Carryover $ 187,400 Cash Cash 0x Property Antique painting Dell stock Problem 6-51 Part-b (Algo) b. Assume that Dean's AGI this year is $340,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. Cost $ 18,800 16,400 5,380 66,000 FMV $ 18,800 16,400 97,200 55,000
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 2022: Charity State University Red Cross State History Museum City Medical Center Deduction Carryover $ 187,400 Cash Cash 0x Property Antique painting Dell stock Problem 6-51 Part-b (Algo) b. Assume that Dean's AGI this year is $340,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. Cost $ 18,800 16,400 5,380 66,000 FMV $ 18,800 16,400 97,200 55,000
Chapter28: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 16CE
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Problem 6-51 (LO 6-2) (Algo)
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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 2022:
b. Assume that Dean's AGI this year is $340,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover.
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