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 Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost $ 5,200 5,100 420 10,000 FMV $ 24,000 3,060 250 10,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the followin circumstances. Note: Leave no answer blank. Enter zero if applicable.
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 Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost $ 5,200 5,100 420 10,000 FMV $ 24,000 3,060 250 10,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the followin circumstances. Note: Leave no answer blank. Enter zero if applicable.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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-Calvin’s AGI is $110,000, but the painting is worth $16,000. What is the contribution deduction. What is the carryover?
Transcribed Image Text: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
Hobbs Medical Center
State Museum
A needy family
United Way
Item
IBM stock
Antique painting
Food and clothes
Cash
Cost
$ 5,200
5,100
420
10,000
FMV
$ 24,000
3,060
250
10,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following
circumstances.
Note: Leave no answer blank. Enter zero if applicable.
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