[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 5,700 540 Hobbs Medical Center IBM stock Antique painting Food and clothes State Museum 3,420 A needy family United Way 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.) a. Calvin's AGI is $170,000. Answer is complete but not entirely correct. Charitable contribution deduction $ 61,420 Carryover 2,000 X

[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 5,700 540 Hobbs Medical Center IBM stock Antique painting Food and clothes State Museum 3,420 A needy family United Way 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.) a. Calvin's AGI is $170,000. Answer is complete but not entirely correct. Charitable contribution deduction $ 61,420 Carryover 2,000 X

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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Aa.26.
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