None !Required information[The following information applies to the questions displayed below.]Calvin reviewed his canceled checks and receipts this year (2024) for charitable contributions, which included anantique painting and IBM stock. He has owned the IBM stock and the painting since 2005.DoneeItemHobbs Medical CenterIBM stockCost$ 6,400State MuseumA needy familyUnited WayAntique paintingFood and clothesCash5,70054022,000FMV$ 36,0003,42032022,000Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.Note: Leave no answer blank. Enter zero if applicable.c. Calvin's AGI is $84,000.Charitable contribution deductionCarryover

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Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 28P

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! Required information [The following information applies to the questions displayed below.] 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 Item Hobbs Medical Center IBM stock State Museum A needy family United Way a. Calvin's AGI is $140,000. Antique painting Food and clothes Cash Charitable contribution deduction Carryover Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. ទេ ! 0 Cost $ 5,800 5,400 480 16,000 24 FMV $ 30,000 3,240 290 16,000 ‒‒‒
! 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 Item Hobbs Medical Center IBM stock State Museum A needy family United Way c. Calvin's AGI is $159,000. Antique painting Food and clothes Cash Charitable contribution deduction Carryover Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. $ $ Cost $ 9,400 7,200 840 52,000 52,000 8,620 FMV $ 66,000 4,320 500 52,000
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 Item IBM stock Antique painting Food and clothes Cash Cost $ 7,200 6,100 620 30,000 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 FMV $ 44,000 3,660 370 30,000 d. Calvin's AGI is $210,000 and Hobbs is a private nonoperating foundation. Answer is complete but not entirely correct. $ 33,660 X 0
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
Required information [The following information applies to the questions displayed below.] Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV $ 6,400 $36,000 3,420 5,700 Hobbs Medical Center IBM stock Antique painting Food and clothes State Museum A needy family United Way 540 320 Cash 22,000 22,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) c. Calvin's AGI is $84,000. Answer is complete but not entirely correct. Charitable contribution deduction 2$ 42,000 Carryover $ %24
[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 Problem 6-50 Part-b (Static) IBM stock Antique painting Food and clothes Cash Cost $ 5,000 5,000 400 8,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. FMV $ 22,000 3,000 250 8,000 b. Calvin's AGI is $100,000, but the State Museum told Calvin that it plans to sell the painting.
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 c. Calvin's AGI is $104,000. Item IBM stock Antique painting Food and clothes Cash 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 Answer is complete but not entirely correct. Cost $ 7,200 6,100 620 30,000 $ $ 61,200 X 23,200 X FMV $ 44,000 3,660 / 370 30,000
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[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 Item Cost FMV Hobbs Medical Center IBM stock $ 8,200 $ 54,000 State Museum Antique painting 6, 600 3,960 A needy family Food and clothes 720 430 United Way Cash 40,000 40,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. b. Calvin's AGI is $260,000, but the State Museum told Calvin that it plans to sell the painting.
T3.
Dineshbhai
vi.3

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