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 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.
Chapter18: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 24CE
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![[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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F37d1a40a-61d4-4f77-9688-d73090940e72%2F9b9ae47f-8dcf-43cf-a1e7-230d6abd87e6%2Fy3bngk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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.
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