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 E. Calvin's AGI is $119,000. Item IBM stock Antique painting Food and clothes Cash Charitable contribution deduction Carryover Cost $ 7,800 6,400 680 36,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. FMV $ 50,000 3,840 410 36,000
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 E. Calvin's AGI is $119,000. Item IBM stock Antique painting Food and clothes Cash Charitable contribution deduction Carryover Cost $ 7,800 6,400 680 36,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. FMV $ 50,000 3,840 410 36,000
Chapter28: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 9DQ
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Question
Transcribed Image Text: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 $119,000.
Item
IBM stock.
Antique painting
Food and clothes
Cash
Charitable contribution deduction.
Carryover
Cost
$7,800
6,400
680
36,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following
circumstances.
Note: Leave no answer blank. Enter zero if applicable.
FMV
$ 50,000
3,840
410
36,000
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