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 a. Calvin's AGI is $150,000. Iten IBM stock Antique painting Food and clothes Cash Charitable contribution deduction Carryover Cost $ 6,000 5,500 500 18,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. FMV $ 32,000 3,300 300 18,000
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 a. Calvin's AGI is $150,000. Iten IBM stock Antique painting Food and clothes Cash Charitable contribution deduction Carryover Cost $ 6,000 5,500 500 18,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. FMV $ 32,000 3,300 300 18,000
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 28P
Related questions
Question
![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
a. Calvin's AGI is $150,000.
Item
Charitable contribution deduction
Carryover
IBM stock
Antique painting
Food and clothes
Cash
Cost
6,000
5,500
500
18,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.
Note: Leave no answer blank. Enter zero if applicable.
FMV
$ 32,000
3,300
300
18,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc6d8a13a-c1ae-44b8-88e1-d353cb7ba74a%2F0282fe31-b512-4b36-bfd3-c6c47d9e1990%2Fymejgn_processed.png&w=3840&q=75)
Transcribed Image Text: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
a. Calvin's AGI is $150,000.
Item
Charitable contribution deduction
Carryover
IBM stock
Antique painting
Food and clothes
Cash
Cost
6,000
5,500
500
18,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.
Note: Leave no answer blank. Enter zero if applicable.
FMV
$ 32,000
3,300
300
18,000
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