a. Calvin's AGI is $140,000. Charitable contribution deduction Carryover 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
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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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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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