-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

See similar textbooks

Related questions

Q: How did you come up with the $25.520 for large donations and the publice support amount of $91.520?…

A: An organization is a publicly supported charity if it meets one of two tests: The organization…

Q: grants and donations

A: As per the guidelines, only one question is allowed to be answered therefore, I am answering first…

Q: A private not-for-profit entity sends a direct mail solicitation for monetary donations. Other…

A: Fund raising cost for a not for entity are those expenses which are incurred for the purpose of…

Q: An NFP organization receives supplies from a donor. At what amount is the donation reported in…

A: A NPF stands for non profit organisation. It runs for the betterment of society rather than earning…

Q: Some VHWOS and ONPOS combine educational and program brochures with their fundraising mailings and…

A: VHWOs stand for Voluntary Health and Welfare Organizations, which are non-profit organizations…

Q: The organization sells goods from its online bookstore. Is this change in net assets with or…

A: The treatment of the sale of goods from an online bookstore by a nonprofit organization depends on…

Q: Which of the following sale for insufficient consideration is not ubject to donor's tax? O Land used…

A: Taxes are mandatory contributions made by government agencies from individuals or businesses,…

Q: The organization earns and unrealized gain on its permanent endowment. Is this change in net assets…

A: The change in net assets resulting from unrealized gains on a permanent endowment is typically…

Q: Donations in cash are easy to measure. What is the treatment that not-for-profit organizations use…

A: Not-for-profit organizations (NPOs) are organizations that are established for purposes other than…

Q: Which of the following statements are TRUE? (i) Interest expense incurred on loan to purchase motor…

A: Section 14Q relates to the eligible deduction pertaining to renovation and refurbishment works of…

Q: 7. Scholarships for students' tuition and fees that are being paid from grants the university…

A: a. A reduction of tuition and fee revenues.When scholarships are awarded to students and are used to…

Q: How can fundraisers for a non-profit homeless shelter be a non-value added activity?

A: Non-value added activity: A non-value added activity is an activity that does increase worth or…

Q: able contributions of tangible personal property are always equal to its fair market value plus…

A: Charitable contributions refer to the form of donation either in cash or any property or even in the…

Q: Which of the following statements relating to qualified transfers for gift tax purposes is not…

A: Qualified transfers typically refer to certain specific transfers that are excluded from being…

Q: Under which of the following conditions would a penalty not be imposed when there is a property…

A: The term overvaluation refers to estimating the value of the property significantly higher than it's…

Q: estate is CORRECT? A cash flow plan for an estate should be flexible enough to account for…

A: Cash Flow statement is a statement of disclosure of changes in cash position between two accounting…

Q: Explain briefly the difference between a charitable contribution deduction consisting of (i) either…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that…

Q: If the donor is a shareholder, a revenue or gain is recognized at an amount equal to the value of…

A: We know that when any asset acquired through donation the same is recorded at fair value on the date…

Q: How to record the donation and acquisition of works of art and historical treasures?

A: Works of art and historical treasures are collections or significant individual items owned by a…

Q: Estate planning is the process by which an individual may determine how his or her assets will be…

A: Estate planning refers to the process of making arrangements for the management and distribution of…

Q: Under FASB standards, expenses of a not-for-profit organization can only be shown as reductions of…

A: Under Financial Accounting Standards Board (FASB) standards for not-for-profit organizations,…

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

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Tax Drill - Property Received by Gift Indicate whether the following statements are "True" or "False" regarding the tax treatment when a taxpayer receives property as a gift. a. If gift taxes are paid by the donor, the portion of the gift tax paid that is related to any appreciation is taken into account in determining the donee's gain basis. b. The holding period for property acquired by gift begins on the date the donor acquired the property if the loss basis rule applies. c. The basis for depreciation on depreciable gift property is the donee's gain basis.
Which of the following are characteristics of a gift tax charitable deduction? It is only for the amount of the charitable gift in excess of the annual exclusion amount. It allows up to 50% of the value of the gifted property to go to charity free of gift tax. The donee charity assumes any gift tax liability. It is available only for gifts to a qualified charity. A) II and III B) I and IV C) III and IV D) I and II
(please correct answer and question information)
is paying towards funding a school library, tax deductable? if so, how? please explain details.
The cost of educating your kid(s) at a private school can be deducted as a charitable contribution only if – (a) the school is affiliated with your church or other religious organization (of which you are an active / regular member). (b) the school is religiously affiliated and the claimed deduction is limited to the properly allocated cost of religious studies only (vs. “reading, writing, arithmetic”). (c) the school is (i) a “charter school” or is similarly licensed by the state board of education or equivalent agency and (ii) formed and exists as a not-for-profit entity under state law. (d) your “kid(s)” is/are under age 18. (e) None of the above statements is true.
Which of the following statements are correct regarding the characteristics of a conservatorship (guardianship of the estate) used to care for an incompetent person's property? I. the powers of the conservator are set forth in either a revocable living trust or a contingent standby trust. II. the conservator may have to file annual reports regarding the status of the assets under his care. III. the conservator may be required to post a performance bond. IV. the conservator has a fiduciary duty to care for the incompetent person's property. A) I, II, III, and IV B) I and II C) II, III, and IV D) I and IV
Which of the following would likely NOT avoid UBIT for an exempt organization? A. The activity is regularly carried on by the organization. B. The individuals who perform substantially all of the work are volunteers. C. The activity is carried on for the benefit of its members. D. The majority of the items sold have been donated to the organization.