SCalvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antiquepainting and IBM stock. He has owned the IBM stock and the painting since 2005.DoneeItemHobbs Medical CenterIBM stockState MuseumAntique paintingBookA needy familyUnited WayFood and clothesCashCost$ 8,4006,70074042,000FMV$ 56,0004,02044042,000Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.Note: Leave no answer blank. Enter zero if applicable.c. Calvin's AGI is $134,000.Charitable contribution deductionCarryover

Adjusted Gross Income is the gross income after adjusting certain specific deduction. Charitable…

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Calculate Calvin's charitable contribution deduction and carryover (

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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Question

S
Calvin reviewed his canceled checks and receipts this year (2023) 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
Antique painting
Book
A needy family
United Way
Food and clothes
Cash
Cost
$ 8,400
6,700
740
42,000
FMV
$ 56,000
4,020
440
42,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.
Note: Leave no answer blank. Enter zero if applicable.
c. Calvin's AGI is $134,000.
Charitable contribution deduction
Carryover

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