assume that deans AGI this year is $230,000. Determine deans itemized deduction for his charitable contributions this year and any carryover.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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-assume that deans AGI this year is $230,000. Determine deans itemized deduction for his charitable contributions this year and any carryover.
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
Transcribed Image Text: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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