! Required information Problem 6-50 (LO 6-2) (Algo) [The following information applies to the questions displayed below.] 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 Item Hobbs Medical Center IBM stock State Museum Antique painting A needy family S United Way Food and clothes Cash Cost $ 6,000 5,500 500 18,000 FMV $ 32,000 3,300 300 18,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Problem 6-50 Part-b (Algo) b. Calvin's AGI is $150,000, but the State Museum told Calvin that it plans to sell the painting. Charitable contribution deduction Carryover Check
! Required information Problem 6-50 (LO 6-2) (Algo) [The following information applies to the questions displayed below.] 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 Item Hobbs Medical Center IBM stock State Museum Antique painting A needy family S United Way Food and clothes Cash Cost $ 6,000 5,500 500 18,000 FMV $ 32,000 3,300 300 18,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Problem 6-50 Part-b (Algo) b. Calvin's AGI is $150,000, but the State Museum told Calvin that it plans to sell the painting. Charitable contribution deduction Carryover Check
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 22CE
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Required information
Problem 6-50 (LO 6-2) (Algo)
[The following information applies to the questions displayed below.]
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
Item
Hobbs Medical Center
IBM stock
State Museum
Antique painting
A needy family
S
United Way
Food and clothes
Cash
Cost
$ 6,000
5,500
500
18,000
FMV
$ 32,000
3,300
300
18,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following
circumstances.
Note: Leave no answer blank. Enter zero if applicable.
Problem 6-50 Part-b (Algo)
b. Calvin's AGI is $150,000, but the State Museum told Calvin that it plans to sell the painting.
Charitable contribution deduction
Carryover
Check](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc52ea294-150f-4ec2-93ae-81957754c439%2Ff88c4047-4c27-4cad-884e-1bb9827ec9f1%2Fak1i0kf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
Problem 6-50 (LO 6-2) (Algo)
[The following information applies to the questions displayed below.]
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
Item
Hobbs Medical Center
IBM stock
State Museum
Antique painting
A needy family
S
United Way
Food and clothes
Cash
Cost
$ 6,000
5,500
500
18,000
FMV
$ 32,000
3,300
300
18,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following
circumstances.
Note: Leave no answer blank. Enter zero if applicable.
Problem 6-50 Part-b (Algo)
b. Calvin's AGI is $150,000, but the State Museum told Calvin that it plans to sell the painting.
Charitable contribution deduction
Carryover
Check
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