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.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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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