following information applies questions displayed low.] Calvin reviewed his canceled checks and receipts this year (2021) 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 $ 7,800 6,400 680 36,000 FMV $ 50,000 3,840 410 36,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.)
Please answers all parts seperately including a,b, c, d and e. The previous expert did not .
a. Calvin’s AGI is $240,000.
what is charitable contribution?
what is carryover?
b. Calvin’s AGI is $240,000, but the State Museum told Calvin that it plans to sell the painting.
what is charitable contribution?
what is carryover?
c. Calvin’s AGI is $119,000.
what is charitable contribution?
what is carryover?
d. Calvin’s AGI is $240,000 and Hobbs is a private nonoperating foundation.
what is charitable contribution?
what is carryover?
e. Calvin’s AGI is $240,000, but the painting is worth $94,000.
what is charitable contribution?
what is carryover?
![[The following information applies to the questions displayed below.]
Calvin reviewed his canceled checks and receipts this year (2021) 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
$ 7,800
6,400
680
36,000
FMV
$ 50,000
3,840
410
36,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following
circumstances. (Leave no answer blank. Enter zero if applicable.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F93732ee9-813c-495c-9880-999d1853a6ce%2Fa6add1f6-801d-4212-9ad3-0556e4cf1f80%2Fi9al6zn_processed.png&w=3840&q=75)
Introduction
Types of Organizations to make Deductible contributions: Not for Profit Organizations are recognized by the IRS under Section 501C which allows these organizations to accept donations and not treat them as taxable income.
Types of contributions can be made: Cash or Non-Monetary items of value to a non-profit organization that gift is considered to be a charitable contribution that can potentially be deducted.
If non-cash charitable contributions total over $500in any given year, you must file Form 8283, providing more details on the donation.
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