Suppose dean is a dealer in antique painting and had held the painting for sale before the contribution. What is deans charitable contribution deduction for the painting in this situation? In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during theearlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reportedthe following recipients in 2022:CharityState UniversityRed CrossState History MuseumCity Medical CenterCashCashPropertyAntique paintingDell stockCost$ 16,60015,3005,16044,000FMV$ 16,60015,30088,40033,000

FMV stands for fair market value refer to the price agreed between the seller and buyer for a…

Answered: Suppose dean is a dealer in antique…

Suppose dean is a dealer in antique painting and had held the painting for sale before the contribution. What is deans charitable contribution deduction for the painting in this situatio

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Suppose dean is a dealer in antique painting and had held the painting for sale before the contribution. What is deans charitable contribution deduction for the painting in this situation?

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
Cash
Cash
Property
Antique painting
Dell stock
Cost
$ 16,600
15,300
5,160
44,000
FMV
$ 16,600
15,300
88,400
33,000

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