Calvin 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 MuseumA needy familyAntique paintingUnited 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..e. Calvin's AGI is $270,000, but the painting is worth $112,000.Charitable contribution deductionCarryover

Adjusted Gross Income is the gross income after adjusting certain specific deductions.

Answered: Calvin reviewed his canceled checks and…

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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Which of the following transfers made by your client will be excluded from the client's total gifts in the year made? A) Made a $20,000 contribution to the Shriner's Hospital, which provides free medical care to children B) Paid a family member $15,000 so she could go to school C) Made a $30,000 gift to the donor's spouse D) Paid a hospital $11,000 for medical services rendered to a friend
Calvin reviewed his cancelled checks and receipts this year 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 $ 8,200 $ 54,000 State Museum Antique painting 6,600 3,960 A needy family Food and clothes 720 430 United Way Cash 40,000 40,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin’s AGI is $129,000. Charitable contribution deduction? Carryover?
-Calvin’s AGI is $110,000. What is his charitable contribution deductions. What is the carryover?
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
Accounting In 2021 Ron and Hermione made the following contributions to the following organizations. Category Charity Property Cost FMV Goodwill Clothes and misc. household items (several years old) $25,700 $5,350 Hogwarts Museum Coin Collection $12,500 $30,900 Ron and Hermione’s best friends whose house burned down Cash $3,500 $3,500 Salvation Army Cash $15,700 $15,700 Toys for Tots New toys $6,500 $6,500 Henry Ford Hospital Rigor stock (held 3 years) $22,000 $10,000 Wayne State University Exxon Mobil Stock (held 5 years) $26,900 $69,500 High School Stock (held 6 months) 6,500 10,000 Wayne State University Cash 13,000 $13,000 Determine the contribution category for each of these contributions – assuming that the Hogwarts Museum plans to display the coin collection in the museum – and place in the column above. Determine Ron and Hermione’s maximum…
[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 Item Problem 6-50 Part-b (Static) 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 b. Calvin's AGI is $100,000, but the State Museum told Calvin that it plans to sell the painting.
-Calvin’s AGI is $54,000. What is the charitable contribution deduction. What is the carryover?
Mr. and Mrs. Gregorio Guzman, made the following donations in 2020: February 1, 2020-To daughter Helena, on account of marriage, a house and lot valued at P5,000,000, exclusively owned by Mr. Guzman. March 1, 2020-To daughter Olivia, as graduation gift in her course in culinary arts, various cooking equipment valued at P3,000,000, exclusively owned by Mrs. Guzman. June 1, 2020-To son Richard, a Mercedes Benz car valued at P6,000,000, with Richard assuming the chattel mortgage thereon of P2,200,000. November 25, 2020-To son William, an agricultural lot with a fair market value of P2,400,000. How much is the donor’s tax still due from Mr. Guzman upon the filing of the donor’s tax return on the donation made on November 25, 2020?
Marvin had the following transactions: Salary Compensation of body injury due to car accident Bank loan (proceeds used to buy personal auto) Alimony payment to ex-wife (divorce settled in 2018) Child support payment Gift from aunt Gain from sale of city of Bloomington bonds 5,000 Interest from City of Bloomington Bonds Interest received on the U.S. Government bonds Interest received on corporate (GE company) bonds Lottery winnings Life insurance proceed after her grandmother died Calculate Marvin's AGI: $50,000 15200 10,000 6,000 12,000 20,000 500 1,500 350 500 150,000
Ray Ray made the following contributions in 2021. Charity Property Cost FMV $ 5,200 5,250 15,150 16,300 $ 5,200 5,250 75,750 24,450 Athens Academy School United Way Cash Cash American Heart Association Antique painting First Methodist Church Coca-Cola stock Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990. Maximum Amount Cash contributions Property donations

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