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 Hobbs Medical Center IBM stock $ 5,400 $ 26,000 State Museum Antique painting 5,200 3,120 A needy family Food and clothes 440 260 United Way Cash 12,000 12,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances e. Calvin’s AGI is $120,000, but the painting is worth $22,000. Charitable contribution deduction? Carryover ?
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 Hobbs Medical Center IBM stock $ 5,400 $ 26,000 State Museum Antique painting 5,200 3,120 A needy family Food and clothes 440 260 United Way Cash 12,000 12,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances e. Calvin’s AGI is $120,000, but the painting is worth $22,000. Charitable contribution deduction? Carryover ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Hobbs Medical Center IBM stock $ 5,400 $ 26,000
State Museum Antique painting 5,200 3,120
A needy family Food and clothes 440 260
United Way Cash 12,000 12,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances
e. Calvin’s AGI is $120,000, but the painting is worth $22,000.
Charitable contribution deduction?
Carryover ?
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