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 Problem 6-50 Part-b (Algo) Cost $ 9,000 7,000 800 48,000 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 FMV $ 62,000 4,200 480 48,000 b. Calvin's AGI is $300,000, but the State Museum told Calvin that it plans to sell the painting.
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 Problem 6-50 Part-b (Algo) Cost $ 9,000 7,000 800 48,000 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 FMV $ 62,000 4,200 480 48,000 b. Calvin's AGI is $300,000, but the State Museum told Calvin that it plans to sell the painting.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Munabhai
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
Hobbs Medical Center
State Museum
A needy family
United Way
Item
IBM stock
Antique painting
Food and clothes
Cash
Problem 6-50 Part-b (Algo)
Cost
$ 9,000
7,000
800
48,000
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
FMV
$ 62,000
4,200
480
48,000
b. Calvin's AGI is $300,000, but the State Museum told Calvin that it plans to sell the painting.
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