-Suppose that deans objective with the donation to the museum was to finance expansion of the historical collection. 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 aportrait painted during the earlier part of the last century. Dean purchased the stock and theportrait many years ago as investments. Dean reported the following recipients in 2022:CharityState UniversityRed CrossState History MuseumCity Medical CenterCashCashPropertyAntique paintingDell stockCost$ 16,60015,3005,16044,000FMV$ 16,60015,30088,40033,000

Charity: Charity can be defined as the offering of financial or non-financial help to the needy. The…

Answered: Suppose that deans objective with the…

Suppose that deans objective with the donation to the museum was to finance expansion of the historical collection. What is deans charitable contribution deduction for the painting in this situation?

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 that deans objective with the donation to the museum was to finance expansion of the historical collection. 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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