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b. Calvin's AGI is $290,000, but the State Museum told Calvin that it plans to sell the painting. Charitable contribution deduction Carryover

b. Calvin's AGI is $290,000, but the State Museum told Calvin that it plans to sell the painting. Charitable contribution deduction Carryover

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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splayed be 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 Hobbs Medical Center State Museum A needy family United Way applies Item Charitable contribution deduction Carryover IBM stock Antique painting Food and clothes Cash Cost $ 8,800 6,900 780 46,000 FMV $ 60,000 4,140 470 46,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. b. Calvin's AGI is $290,000, but the State Museum told Calvin that it plans to sell the painting.
Transcribed Image Text:splayed be 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 Hobbs Medical Center State Museum A needy family United Way applies Item Charitable contribution deduction Carryover IBM stock Antique painting Food and clothes Cash Cost $ 8,800 6,900 780 46,000 FMV $ 60,000 4,140 470 46,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. b. Calvin's AGI is $290,000, but the State Museum told Calvin that it plans to sell the painting.
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