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 Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost FMV $ 5,000 $ 22,000 5,000 3,000 250 400 8,000 8,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable.
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 Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost FMV $ 5,000 $ 22,000 5,000 3,000 250 400 8,000 8,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Dineshbhai
![Required information
[The following information applies to the questions displayed below.]
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
Hobbs Medical Center
State Museum
A needy family
United Way
Calvin's AGI is $50,000.
Item
Charitable contribution deduction
Carryover
IBM stock
Antique painting
Food and clothes
Cash
Cost
$ 5,000
5,000
400
8,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.
Note: Leave no answer blank. Enter zero if applicable.
FMV
$ 22,000
3,000
250
8,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0c6f7406-da45-4b32-8961-29287e4d4988%2F1336932b-cc5e-4ae8-a447-4580f1c05962%2Fo75sqc5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
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
Hobbs Medical Center
State Museum
A needy family
United Way
Calvin's AGI is $50,000.
Item
Charitable contribution deduction
Carryover
IBM stock
Antique painting
Food and clothes
Cash
Cost
$ 5,000
5,000
400
8,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.
Note: Leave no answer blank. Enter zero if applicable.
FMV
$ 22,000
3,000
250
8,000
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