d. Calvin's AGl is $330,000 and Hobbs is a private nonoperating foundation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 6-50 (LO 6-2) (Algo)
[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
Problem 6-50 Part-d (Algo)
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
Cost
$ 9,600
7,300
860
54,000
FMV
$ 68,000
4,380
520
54,000
d. Calvin's AGI is $330,000 and Hobbs is a private nonoperating foundation.
$ 106,620
$
2,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F06f09a8c-5e14-4b07-9835-57e1a1329926%2F4dd1b673-233f-47ec-a9e6-c1c65f6f4262%2Fbzkpn35_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
Problem 6-50 (LO 6-2) (Algo)
[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
Problem 6-50 Part-d (Algo)
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
Cost
$ 9,600
7,300
860
54,000
FMV
$ 68,000
4,380
520
54,000
d. Calvin's AGI is $330,000 and Hobbs is a private nonoperating foundation.
$ 106,620
$
2,000
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