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.DoneeItemCostFMVHobbs Medical CenterIBM stock$9,400$66,000State MuseumAntique painting 7,200 4,320A needy familyFood and clothes 840 500United WayCash 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.what is the following: Charitable contribution deduction Carryover

Calculation of Charitable Contribution deduction Capital Gain = $66,000 Painting = $4,320 Ordinary…

Answered: Charitable contribution deduction…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

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.

what is the following:

Charitable contribution deduction
Carryover

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