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 $ 9,600 7,300 860 54,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. FMV $ 68,000 4,380 520 54,000 b. Calvin's AGI is $330,000, but the State Museum told Calvin that it plans to sell the painting. 0
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 $ 9,600 7,300 860 54,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. FMV $ 68,000 4,380 520 54,000 b. Calvin's AGI is $330,000, but the State Museum told Calvin that it plans to sell the painting. 0
Chapter28: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 9DQ
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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
Hobbs Medical Center
State Museum
A needy family
United Way
Item
IBM stock
Antique painting
Food and clothes
Cash
Cost
$ 9,600
7,300
860
54,000
Charitable contribution deduction
Carryover
FMV
$ 68,000
4,380
520
54,000
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 $330,000, but the State Museum told Calvin that it plans to sell the painting.
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT