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d. Calvin's AGl is $330,000 and Hobbs is a private nonoperating foundation.

d. Calvin's AGl is $330,000 and Hobbs is a private nonoperating foundation.

FINANCIAL ACCOUNTING
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 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
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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