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 2023: Charity Property State University Cash Red Cross Cash State History Museum Antique painting City Medical Center Dell stock Cost $ 20,000 17,000 5,500 78,000 FMV $ 20,000 17,000 102,000 67,000 b. Assume that Dean's AGI this year is $400,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. Deduction Carryover

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
State University
Cash
Red Cross
Cash
State History Museum
Antique painting
City Medical Center
Dell stock
Cost
$ 20,000
17,000
5,500
78,000
FMV
$ 20,000
17,000
102,000
67,000
b. Assume that Dean's AGI this year is $400,000. Determine Dean's itemized deduction for his charitable contributions this year and
any carryover.
Deduction
Carryover
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 2023: Charity Property State University Cash Red Cross Cash State History Museum Antique painting City Medical Center Dell stock Cost $ 20,000 17,000 5,500 78,000 FMV $ 20,000 17,000 102,000 67,000 b. Assume that Dean's AGI this year is $400,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. Deduction Carryover
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