ons 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 reporter the following recipients in 2022: Charity State University Red Cross State History Museum City Medical Center Cash Cash Charitable contribution deduction Property Antique painting Dell stock Cost $ 17,600 15,800 5,260 54,000 FMV $ 17,600 15,800 92,400 43,000 Suppose that Dean's objective with the donation to the museum was to finance expansion of the historical collection. Hence, D s not surprised when the museum announced the sale of the painting because of its limited historical value. What is Dean's aritable contribution deduction for the painting in this situation (ignoring AGI limitations)?
ons 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 reporter the following recipients in 2022: Charity State University Red Cross State History Museum City Medical Center Cash Cash Charitable contribution deduction Property Antique painting Dell stock Cost $ 17,600 15,800 5,260 54,000 FMV $ 17,600 15,800 92,400 43,000 Suppose that Dean's objective with the donation to the museum was to finance expansion of the historical collection. Hence, D s not surprised when the museum announced the sale of the painting because of its limited historical value. What is Dean's aritable contribution deduction for the painting in this situation (ignoring AGI limitations)?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[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 2022:
Charity
State University
Red Cross
State History Museun
City Medical Center
Cash
Cash
Charitable contribution deduction
Property
Antique painting
Dell stock
Cost
$ 17,600
15,800
5,260
54,000
FMV
$ 17,600
15,800
92,400
43,000
d. 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 painting because of its limited historical value. What is Dean's
charitable contribution deduction for the painting in this situation (ignoring AGI limitations)?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa8868a5f-b97c-499d-89b0-694dea85d2b3%2F87d3fad3-f860-4ee6-bb8b-1b1914f3e473%2Fo5xztnk7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[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 2022:
Charity
State University
Red Cross
State History Museun
City Medical Center
Cash
Cash
Charitable contribution deduction
Property
Antique painting
Dell stock
Cost
$ 17,600
15,800
5,260
54,000
FMV
$ 17,600
15,800
92,400
43,000
d. 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 painting 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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