Question

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:

Charity Property Cost FMV

State University	Cash	$	17,000	$	17,000
Red Cross	Cash		15,500		15,500
State History Museum	Painting		5,200		90,000
City Medical Center	Dell stock		48,000		37,000

Assume that Dean’s AGI this year is $250,000. Determine Dean’s itemized deduction for his charitable contributions this year and any carryover.

Deduction=

Carryover=

Answer 1