Calvin’s AGI is $84,000.charitable contribution deduction 42000carryover ? [The following information applies to the questions displayed below.]Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antiquepainting and IBM stock. He has owned the IBM stock and the painting since 2005.DoneeItemCostFMV$ 6,400 $36,0005,7003,420Hobbs Medical CenterIBM stockAntique paintingFood and clothesState MuseumA needy familyUnited Way540320Cash22,00022,000Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave noanswer blank. Enter zero if applicable.)c. Calvin's AGI is $84,000.X Answer is complete but not entirely correct.Charitable contribution deduction42,000Carryover$422,000 X Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included anantique painting and IBM stock. He has owned the IBM stock and the painting since 2005.DoneeItemCostFMVHobbs Medical CenterIBM stock6,40036,000State MuseumAntique painting5,7003,420A needy familyFood and clothes540320United WayCash22,00022,000Calculate Calvin's charitable contribution deduction and carryover (if any) under the followingcircumstances. (Leave no answer blank. Enter zero if applicable.)a. Calvin's AGI is $170,000.b. Calvin's AGI is $170,000 but the State Museum told Calvin that it plans to sell the painting.c. Calvin's AGI is $84,000.d. Calvin's AGI is $170,000 and Hobbs is a nonoperating private foundation.e. Calvin's AGI is $170,000 but the painting is worth $52,000.Expert Answer OAnonymous answered thisWas this answer helpful?117,812 answersPart ACalvin's deduction = cash of S22,000 + painting of $3,420 + stock of $36,000 = $61420Donation to the needy family will not qualify for a charitable deduction.IBM stock being a capital gain property, the FMV of the stock can be deducted subject to a 30% of AGIceiling.The painting not being a capital gain property, the value of the painting can be deducted subject to the50% of AGI ceiling.However, the total donation is subject to the 50% of AGI ceiling.Part BCalvin's deduction = cash of S$22,000 + painting of $3,420 + stock of $36,000 = $61420Donation to the needy family will not qualify for a charitable deduction.IBM stock being a capital gain property, the FMV of the stock can be deducted subject to a 30% of AGIceiling.The painting not being a capital gain property, the value of the painting can be deducted subject to the50% of AGI ceiling.However, the total donation is subject to the 50% of AGI ceiling.Part CCalvin's deduction = cash of S22,000 + painting of $3,420 + stock of $16580 = $42000IBM stock being a long-term capital gain property, the FMV of the stock can be deducted subject to thelesser of (1) the value of the stock up to the 30 percent AGI limit or (2) the remaining amount of deductionto reach the 50 percent limit50 percent AGI limit4200050 percent Contributions – cash2200050 percent Contributions – painting342025420Total 50 percent contributions16580

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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 $ 6,400 $36,000 5,700 540 FMV Hobbs Medical Center IBM stock Antique painting Food and clothes 3,420 320 State Museum A needy family United Way 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.)

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 $ 6,400 $36,000 5,700 540 FMV Hobbs Medical Center IBM stock Antique painting Food and clothes 3,420 320 State Museum A needy family United Way 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.)

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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