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Business, 17.03.2020 00:17 shae5231

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 FMW
State University Cash $18,600 5,360
Red Cross Cash $18,600 96,400
State History Museum Antique painting 16,300 64,000
City Medical Center Dell stock 16,300 53,000

Suppose that Dean’s 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 portrait because of its limited historical value. What is Dean’s charitable contribution deduction for the painting in this situation (ignoring AGI limitations)?

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