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In addition to cash contributions to charity, Dean decided to donate shares of stock and...

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Accounting

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:

Charity Property Cost FMV
State University Cash $ 16,800 $ 16,800
Red Cross Cash 15,400 15,400
State History Museum Antique painting 5,180 89,200
City Medical Center Dell stock 46,000 35,000

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

b. 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 painting in this situation (ignoring AGI limitations)?

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

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