Required information Calvin reviewed his canceled checks and receipts this year (2022) 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 Charitable contribution deduction Carryover Cost $ 8,800 6,900 780 46,000 FMV $ 60,000 124,000 470 46,000 Calvin's AGI is $290,000. Calculate Calvin's charitable contribution deduction and carryover (if any) Note: Leave no answer blank. Enter zero if applicable.
Required information Calvin reviewed his canceled checks and receipts this year (2022) 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 Charitable contribution deduction Carryover Cost $ 8,800 6,900 780 46,000 FMV $ 60,000 124,000 470 46,000 Calvin's AGI is $290,000. Calculate Calvin's charitable contribution deduction and carryover (if any) Note: Leave no answer blank. Enter zero if applicable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
T3.
Transcribed Image Text:Required information
Calvin reviewed his canceled checks and receipts this year (2022) 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
Charitable contribution deduction
Carryover
Cost
$8,800
6,900
780
46,000
FMV
$ 60,000
124,000
470
46,000
Calvin's AGI is $290,000. Calculate Calvin's charitable contribution deduction and carryover (if any).
Note: Leave no answer blank. Enter zero if applicable.
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