Problem 6-48 (LO 6-2) (Algo)Skip to question [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2021) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. DoneeItemCostFMVHobbs Medical CenterIBM stock$ 8,400$ 56,000State MuseumAntique painting6,7004,020A needy familyFood and clothes740440United WayCash42,00042,000Calculate 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 $270,000, but the painting is worth $112,000. Charitable Contribution DeductionCarryover

Adjusted Gross Income is the gross income after adjusting certain specific deductions.

Answered: Calvin reviewed his canceled checks and…

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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Problem 6-48 (LO 6-2) (Algo)

Skip to question

[The following information applies to the questions displayed below.]

Calvin reviewed his canceled checks and receipts this year (2021) 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	$ 8,400	$ 56,000
State Museum	Antique painting	6,700	4,020
A needy family	Food and clothes	740	440
United Way	Cash	42,000	42,000

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 $270,000, but the painting is worth $112,000.

Charitable Contribution Deduction

Carryover

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