Charitable contributions (all cash):Boy ScoutsSt. Matthews ChurchNevada Democratic PartyFund-raising dinner for the Reno Auto Museum(value of dinner is $25)1,3503,100250Gifts by cash or check. If you made any gift of $250 or more,see instructions....??????100In 2020, Jim inherited over $500,000 from his Uncle Travis that died in 2020. Although Jim invested a large portion, he also contributed $125,000 cash to the newly named Travis School ofCriminal Justice at the University of Reno.

The contribution for political campaign is not deductibleOnly the contribution to the above…

Charitable contributions (all cash): Boy Scouts St. Matthews Church Nevada Democratic Party Fund-raising dinner for the Reno Auto Museum (value of dinner is $25) 1,350 3,100 250 100 In 2020, Jim inherited over $500,000 from his Uncle Travis that died in 2020. Although Jim invested a large portion, he also contributed $125,000 cash to the newly named Travis School of Criminal Justice at the University of Reno. Gifts by cash or check. If you made any gift of $250 or more, see instructions....??????

Charitable contributions (all cash): Boy Scouts St. Matthews Church Nevada Democratic Party Fund-raising dinner for the Reno Auto Museum (value of dinner is $25) 1,350 3,100 250 100 In 2020, Jim inherited over $500,000 from his Uncle Travis that died in 2020. Although Jim invested a large portion, he also contributed $125,000 cash to the newly named Travis School of Criminal Justice at the University of Reno. Gifts by cash or check. If you made any gift of $250 or more, see instructions....??????

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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Required information [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 IBM stock Antique painting Food and clothes Cash Cost $ 7,200 6,100 620 30,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Charitable contribution deduction Carryover FMV $ 44,000 3,660 370 30,000 d. Calvin's AGI is $210,000 and Hobbs is a private nonoperating foundation. Answer is complete but not entirely correct. $ 33,660 X 0
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