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 $ 9,400 $ 66,000 State Museum Antique painting 7,200 4,320 A needy family Food and clothes 840 500 United Way Cash 52,000 52,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Calvin’s AGI is $320,000, but the painting is worth $142,000. Q: How much is Charitable contribution deduction? How mush is Carryover?
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 $ 9,400 $ 66,000 State Museum Antique painting 7,200 4,320 A needy family Food and clothes 840 500 United Way Cash 52,000 52,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Calvin’s AGI is $320,000, but the painting is worth $142,000. Q: How much is Charitable contribution deduction? How mush is Carryover?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 | $ | 9,400 | $ | 66,000 |
| State Museum | Antique painting | 7,200 | 4,320 | ||
| A needy family | Food and clothes | 840 | 500 | ||
| United Way | Cash | 52,000 | 52,000 | ||
|
|
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.)
Calvin’s AGI is $320,000, but the painting is worth $142,000.
Q: How much is Charitable contribution deduction?
How mush is Carryover?
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