Calvin reviewed his canceled checks and receipts this year (2021) for charitable contributions, which included an antique painting and IBM stock. He has owned the stock and the painting since 2005. Donee Item Cost FMV $ 9,800 7,400 $ 70,000 4,440 Hobbs Medical Center IBM stock State Museum Antique painting A needy family United Way Food and clothes 880 530 Cash 56,000 56,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.)
Calvin reviewed his canceled checks and receipts this year (2021) for charitable contributions, which included an antique painting and IBM stock. He has owned the stock and the painting since 2005. Donee Item Cost FMV $ 9,800 7,400 $ 70,000 4,440 Hobbs Medical Center IBM stock State Museum Antique painting A needy family United Way Food and clothes 880 530 Cash 56,000 56,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.)
Chapter28: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 9DQ
Related questions
Question
![Calvin reviewed his canceled checks and receipts this year (2021) for charitable
contributions, which included an antique painting and IBM stock. He has owned the IBM
stock and the painting since 2005.
Donee
Item
Cost
FMV
$ 9,800
7,400
$ 70,000
4,440
Hobbs Medical Center
IBM stock
State Museum
Antique painting
A needy family
United Way
Food and clothes
880
530
Cash
56,000
56,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the
following circumstances. (Leave no answer blank. Enter zero if applicable.)
c. Calvin's AGI is $169,000.
Charitable contribution deduction
Carryover](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8634aa5a-0395-4ed9-8346-75b455f23a74%2F2fbcb9ac-5497-494d-a6f6-83eb2fd15f9d%2Fxwaj77_processed.png&w=3840&q=75)
Transcribed Image Text:Calvin reviewed his canceled checks and receipts this year (2021) for charitable
contributions, which included an antique painting and IBM stock. He has owned the IBM
stock and the painting since 2005.
Donee
Item
Cost
FMV
$ 9,800
7,400
$ 70,000
4,440
Hobbs Medical Center
IBM stock
State Museum
Antique painting
A needy family
United Way
Food and clothes
880
530
Cash
56,000
56,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the
following circumstances. (Leave no answer blank. Enter zero if applicable.)
c. Calvin's AGI is $169,000.
Charitable contribution deduction
Carryover
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