[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 Hobbs Medical Center IBM stock $ 6,400 $36, 000 Antique painting Food and clothes State Museum 5,700 3,420 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 42,000 Carryover $ 42,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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[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
EMV
Hobbs Medical Center
IBM stock
$ 6,400 $ 36,000
Antique painting
Food and clothes
State Museum
5,700
3,420
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.
X Answer is complete but not entirely correct.
Charitable contribution deduction
42,000
Carryover
42,000
Transcribed Image Text:[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 EMV Hobbs Medical Center IBM stock $ 6,400 $ 36,000 Antique painting Food and clothes State Museum 5,700 3,420 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. X Answer is complete but not entirely correct. Charitable contribution deduction 42,000 Carryover 42,000
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