debnkids691
debnkids691
26.06.2020 • 
Business

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. The portrait is capital gain property. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients: Charity Property Cost FMV State University Cash $ 18,400 $ 18,400 Red Cross Cash 16,200 16,200 State History Museum Antique painting 5,340 95,600 City Medical Center Dell stock 62,000 51,000 a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. Assume that the taxpayer itemizes their deductions.

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