Problem 6-51 (LO 6-2) (Algo)Skip to question [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:b. Assume that Dean's AGI this year is $340,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. Required informationProblem 6-51 (LO 6-2) (Algo)[The following information applies to the questions displayed below.]In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during theearlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reportedthe following recipients in 2022:CharityState UniversityRed CrossState History MuseumCity Medical CenterProblem 6-51 Part-b (Algo)DeductionCarryoverCashiCashi$ 187,400 x0PropertyAntique paintingDell stockCost$ 18,80016,4005,38066,000b. Assume that Dean's AGI this year is $340,000. Determine Dean's itemized deduction for his charitable contributions this year andany carryover.FMV$ 18,80016,40097,20055,000

We use Fair market value (FMV)to calculate deduction : Maximum deduction can avail on cash that…

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 Deduction Carryover $ 187,400 Cash Cash 0x Property Antique painting Dell stock Problem 6-51 Part-b (Algo) b. Assume that Dean's AGI this year is $340,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. Cost $ 18,800 16,400 5,380 66,000 FMV $ 18,800 16,400 97,200 55,000

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 Deduction Carryover $ 187,400 Cash Cash 0x Property Antique painting Dell stock Problem 6-51 Part-b (Algo) b. Assume that Dean's AGI this year is $340,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. Cost $ 18,800 16,400 5,380 66,000 FMV $ 18,800 16,400 97,200 55,000

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter20: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 34P

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Problem 6-51 (LO 6-2) (Algo)

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b. Assume that Dean's AGI this year is $340,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover.

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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 2021: Charity Property Cost FMV State University Cash $ 16,400 $ 16,400 Red Cross Cash 15,200 15,200 State History Museum Antique painting 5,140 87,600 City Medical Center Dell stock 42,000 31,000 Problem 6-49 Part-a (Algo) answers needed for all parts a, b c, and d a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean’s AGI this year is $220,000. Determine Dean’s itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the…
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 Cost FMV State University Cash $15,000 $15,000 Red Cross Cash 14,500 14,500 5,000 82,000 28,000 17,000 State History Museum City Medical Center Dell Stock Antique painting 1. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. 2. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover.
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