Calvin reviewed his canceled 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 $ 8,800 $ 60,000 State Museum Antique painting 6,900 4,140 A needy family Food and clothes 780 470 United Way Cash 46,000 46,000 Calculate Calvin's charitable
Calvin reviewed his canceled 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 | $ | 8,800 | $ | 60,000 |
| State Museum | Antique painting | 6,900 | 4,140 | ||
| A needy family | Food and clothes | 780 | 470 | ||
| United Way | Cash | 46,000 | 46,000 | ||
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Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.)
d. Calvin’s AGI is $290,000 and Hobbs is a private nonoperating foundation.
Charitable contributions to qualified charitable organizations are deductible by individual taxpayers. The charitable contribution deduction is limited to 50% of a taxpayer's Adjusted Gross Income (AGI) for that tax year.
Charitable deductions that cannot be used in the current year will be carry forward and to be used in future years. Contributions of property are also deductible at its fair market value (FMV) at time of donation baring specific exceptions.
Contributions made directly to individuals are not deductible.
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