Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, whichincluded an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005.DoneeHobbs Medical CenterState MuseumA needy familyUnited Wayc. Calvin's AGI is $119,000.ItemIBM stock.Antique paintingFood and clothesCashCharitable contribution deduction.CarryoverCost$7,8006,40068036,000Calculate Calvin's charitable contribution deduction and carryover (if any) under the followingcircumstances.Note: Leave no answer blank. Enter zero if applicable.FMV$ 50,0003,84041036,000

Please find the calculation of charitable contributions & carryover in step 2 below.

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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Marvin had the following transactions: Salary $50,000 Compensation of body injury due to car accident 15200 Bank loan (proceeds used to buy personal auto) 10,000 Alimony payment to ex-wife (divorce settled in 2018) 6,000 Child support payment 12,000 Gift from aunt Gain from sale of city of Bloomington bonds 5,000 20,000 Interest from City of Bloomington Bonds 500 Interest received on the U.S. Government bonds 1,500 Interest received on corporate (GE company) bonds 350 Lottery winnings 500 Life insurance proceed after her grandmother died 150,000 Calculate Marvin’s AGI:
Aa 148.
Your client, a carpenter, donated one of his handcrafted wooden desks to his church, a qualified public charity. The church sold the desk at an auction for $3,500, which is comparable to the standard price for the client's other woodwork. He calculated his costs as follows: Wood $1,000 Other materials $300 Rent for workshop $500 Time and services $1,700 This is his only charitable contribution. He itemizes deductions and has an adjusted gross income of $80,000. What is the maximum current year income tax deduction allowable for the client's charitable contribution? A)$3,500 B)$1,800 C)$500 D)$1,300
Taxpayer and spouse contribute money to various organizations each year and file a joint return. Their adjusted gross income for 2022 is $100,000. They contributed to the following organizations in 2022: $3,500 cash donation to the World Wildlife Foundation $10,000 cash donation to the Salvation Army $2,000 cash contribution to a local city council candidate $11,000 cash donation to a breast cancer research hospital Donated clothing to Goodwill. (The clothing was purchased for $375, but the thrift shop value of the same items at a local second-hand store is equal to $60.) How much can they deduct as charitable contributions for the year 2022?
A Civil Engineer deposited PHP7,000,000 on a bank that earns ten percent compounded annually. Seven years later he perished. His will states that his recipient is children's home which will be accepting the money in perpetuity a year after he expired. How much is the yearly fund the children's home will be receiving.
T3.
3 During the current year 2021, Nicanor, Jr. who resides in R. Papa Street, Sampaloc Manila and with Tin 135-567-890-006. Made the following gifts: Date Donee Amount of donation June 1, 2018 Junior, his son, on account of his marriage celebrated June 1, 2018 P 150,000 cash July 10, 2018 His friend Aprot P 400,000 a second hand motor vehicle September 30, 2018 His daughter Julia P 450,000 cash dowry, on account of her scheduled marriage on October 25, 2018 November 23,2018 His father, Nicanor, Sr. A parcel of land worth P 180,000, subject to the condition that his father would assume the mortgage indebtedness of Jose in the amount of P 40,000; On November 23, 2018 gift, using the Donor’s Tax Return (BIR Form No. 1800), how much will be reflected on line 18(Tax Payable/(Overpayment)) ?
! Required information Problem 6-50 (LO 6-2) (Algo) [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 Item Hobbs Medical Center IBM stock State Museum A needy family United Way Antique painting Food and clothes Cash Cost $ 6,600 5,800 560 24,000 FMV $ 38,000 3,480 340 24,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Problem 6-50 Part-a (Algo) a. Calvin's AGI is $180,000. Charitable contribution deduction Carryover
Kia Lopez (SSN 412-34-5670) resides at 101 Poker Street, Apt. 12A, Hickory, FL 34714. Her W-2 shows the following: Wages $ 56,500 Federal withholding 6,100 Social security wages 56,500 Social security withholding 3,503 Medicare withholding 819 State withholding -0- In 2016, Kia contributed cash of $7,000 to Apartment Rentals Limited Partnership (ARLP) in return for a 13% limited partnership interest. She is an active participant. Kia’s shares of ARLP income and losses for the year per her K-1 were as follows: Interest $ 35Dividends (qualified) 290Capital gains (long-term) 700Rental loss (8,300)ARLP had no liabilities. Kia does not itemize and has no other investments or passive activities. Prepare Form 1040 for Kia Lopez for 2016. The taxpayer had qualifying health care coverage at all times during the tax year. You will need Form 1040, Schedule E (page 2), Form 6198, and Form 8582. (Input all the values as positive numbers. However losses should be indicated by a minus sign.) Use the…
N2.
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 Item IBM stock Antique painting Food and clothes Cash Charitable contribution deduction Carryover Cost $ 7,800 6,400 680 36,000 FMV $ 50,000 3,840 410 36,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. b. Calvin's AGI is $240,000, but the State Museum told Calvin that it plans to sell the painting.

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