State University Red Cross State History Museue City Medical Center Cash Cash Antique painting Dell stock $ 17,600 15,800 5,260 54,000 FMV $ 17,600 15,800 92,400 43,000 uppose Dean is a dealer in antique paintings and had held the painting for sale before the contribution. What is Dean's cha tribution deduction for the painting in this situation (ignoring AGI limitation)?
State University Red Cross State History Museue City Medical Center Cash Cash Antique painting Dell stock $ 17,600 15,800 5,260 54,000 FMV $ 17,600 15,800 92,400 43,000 uppose Dean is a dealer in antique paintings and had held the painting for sale before the contribution. What is Dean's cha tribution deduction for the painting in this situation (ignoring AGI limitation)?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Museue
City Medical Center
Cash
Cash
Charitable contribution deduction
Property
Antique painting
Dell stock
Cost
$ 17,600
15,800
5,260
54,000
FMV
$ 17,600
15,800
92,400
43,000
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)?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F49e1624a-61d0-477e-9f7e-500a544d1a92%2F2ab0d21e-2647-4b78-8657-f549a75a6753%2Flr2msf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[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 2022:
Charity
State University
Red Cross
State History Museue
City Medical Center
Cash
Cash
Charitable contribution deduction
Property
Antique painting
Dell stock
Cost
$ 17,600
15,800
5,260
54,000
FMV
$ 17,600
15,800
92,400
43,000
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)?
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