In addition to cash contributions to charity, Dean decided to donate sh

57. [LO 2] 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 portrait many years ago as investments. Dean reported the following recipients:

CharityPropertyCostFMV
State University cash $ 15,000 $15,000
Red Cross cash 14,500 14,500
State History Museum Antique painting 5,000 82,000
City Medical Center Dell stock 28,000 17,000

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

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.

c. Assume that Dean’s AGI this year is $240,000. Determine Dean’s itemized deduction for his charitable contributions this year and any carryover.

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

e. Suppose that Dean’s objective with the donation to the museum was to financeexpansion of the historical collection. Hence, Dean was not surprised when the museum announced the sale of the portrait because of its limited historical value. What is Dean’s charitable contribution deduction for the painting in this situation (ignoring AGI limitations)?