28)

Required information

Problem 6-49 (LO 6-2) (Algo)

Skip to question

[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 2021:

Charity	Property	Cost	FMV
State University	Cash	$ 17,000	$ 17,000
Red Cross	Cash	15,500	15,500
State History Museum	Antique painting	5,200	90,000
City Medical Center	Dell stock	48,000	37,000

Problem 6-49 Part-a (Algo)

a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions.

property	Maximum Amount
Cash
Painting
Stock

Problem 6-49 Part-b (Algo)

b. Assume that Deans AGI this year is $250,000. Determine Deans itemized deduction for his charitable contributions this year and any carryover.

The deduction is ______.

The carryover is ____.

Problem 6-49 Part-c (Algo)

c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the contribution. What is Dean's charitable contribution deduction for the painting in this situation (ignoring AGI limitations)?

The charitable contribution deduction is _____.

Problem 6-49 Part-d (Algo)

d. Suppose that Deans 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 Deans charitable contribution deduction for the painting in this situation (ignoring AGI limitations)?

The charitable contribution deduction is ____.