a. Calvin's AGI is $140,000. Charitable contribution deduction Carryover 0

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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[The following information applies to the questions displayed below.]
Calvin reviewed his canceled checks and receipts this year (2022) for
charitable contributions, which included an antique painting and IBM stock.
He has owned the IBM stock and the painting since 2005.
Donee
Item
Hobbs Medical Center IBM stock
State Museum
A needy family
United Way
a. Calvin's AGI is $140,000.
Antique painting
Food and clothes
Cash
Charitable contribution deduction
Carryover
Calculate Calvin's charitable contribution deduction and carryover (if any)
under the following circumstances.
Note: Leave no answer blank. Enter zero if applicable.
ទេ !
0
Cost
$ 5,800
5,400
480
16,000
24
FMV
$ 30,000
3,240
290
16,000
‒‒‒
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2022) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Hobbs Medical Center IBM stock State Museum A needy family United Way a. Calvin's AGI is $140,000. Antique painting Food and clothes Cash Charitable contribution deduction Carryover Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. ទេ ! 0 Cost $ 5,800 5,400 480 16,000 24 FMV $ 30,000 3,240 290 16,000 ‒‒‒
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