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 Cost FMV Hobbs Medical Center IBM stock $ 7,800 $ 50,000 State Museum Antique painting 6,400 3,840 A needy family Food and clothes 680 410 United Way Cash 36,000 36,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin's AGI is $240,000.
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 Cost FMV Hobbs Medical Center IBM stock $ 7,800 $ 50,000 State Museum Antique painting 6,400 3,840 A needy family Food and clothes 680 410 United Way Cash 36,000 36,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin's AGI is $240,000.
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 35P
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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 | Cost | FMV |
---|---|---|---|
Hobbs Medical Center | IBM stock | $ 7,800 | $ 50,000 |
State Museum | Antique painting | 6,400 | 3,840 |
A needy family | Food and clothes | 680 | 410 |
United Way | Cash | 36,000 | 36,000 |
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.
Calvin's AGI is $240,000.
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Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances: Calvin's AGI is $119,000.
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