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Determine Dean's itemized deduction for his charitable contributions this year a

Determine Dean's itemized deduction for his charitable contributions this year a

FINANCIAL ACCOUNTING
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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Required information Problem 6-51 (LO 6-2) (Static) [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 2023: Charity Property State University Cash Cost $ 15,000 FMV $ 15,000 Red Cross Cash State History Museum City Medical Center Antique painting Dell stock 14,500 5,000 28.000 14,500 82,000 17,000 Problem 6-51 Part-b (Static) b. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. Deduction Carryover
Transcribed Image Text:Required information Problem 6-51 (LO 6-2) (Static) [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 2023: Charity Property State University Cash Cost $ 15,000 FMV $ 15,000 Red Cross Cash State History Museum City Medical Center Antique painting Dell stock 14,500 5,000 28.000 14,500 82,000 17,000 Problem 6-51 Part-b (Static) b. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. Deduction Carryover
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