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 A needy family United Way. Antique painting Food and clothes Cash Problem 6-50 Part-c (Algo) c. Calvin's AGI is $149,000. Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Charitable contribution deduction Carryover Cost $ 9,000 7,000 800 48,000 FMV $ 62,000 4,200 480 48,000
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 A needy family United Way. Antique painting Food and clothes Cash Problem 6-50 Part-c (Algo) c. Calvin's AGI is $149,000. Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Charitable contribution deduction Carryover Cost $ 9,000 7,000 800 48,000 FMV $ 62,000 4,200 480 48,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Hobba Medical Center IBM stock
State Museum
A needy family
United Way.
Antique painting
Food and clothes
Cash
Problem 6-50 Part-c (Algo)
c. Calvin's AGI is $149,000.
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.
Note: Leave no answer blank. Enter zero if applicable.
Charitable contribution deduction
Carryover
Cost
$ 9,000
7,000
800
48,000
FMV
$ 62,000
4,200
480
48,000
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