!Required informationProblem 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 antiquepainting and IBM stock. He has owned the IBM stock and the painting since 2005.DoneeItemHobbs Medical Center IBM stockState MuseumA needy familyUnited WayAntique paintingFood and clothesCashCost$ 6,6005,80056024,000FMV$ 38,0003,48034024,000Calculate 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-a (Algo)a. Calvin's AGI is $180,000.Charitable contribution deductionCarryover

Adjusted Gross Income (AGI) is a fundamental financial metric used in tax calculations, particularly…

Answered: Required information Problem 6-50 (LO…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 9DQ

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[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 Cost FMV Hobbs Medical Center IBM stock $ 8,200 $ 54,000 State Museum Antique painting 6, 600 3,960 A needy family Food and clothes 720 430 United Way Cash 40,000 40,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. b. Calvin's AGI is $260,000, but the State Museum told Calvin that it plans to sell the painting.
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.
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 $ 5,600 $ 28,000 State Museum Antique painting 5,300 3,180 A needy family Food and clothes 460 280 United Way Cash 14,000 14,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) c. Calvin’s AGI is $64,000. d. Calvin’s AGI is $130,000 and Hobbs is a private nonoperating foundation. e. Calvin’s AGI is $130,000, but the painting is worth $28,000.
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 $ 5,400 $ 26,000 State Museum Antique painting 5,200 3,120 A needy family Food and clothes 440 260 United Way Cash 12,000 12,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances e. Calvin’s AGI is $120,000, but the painting is worth $22,000. Charitable contribution deduction? Carryover ?
Calvin reviewed his canceled 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 FMV Hobbs Medical Center IBM stock $ 8,800 $ 60,000 State Museum Antique painting 6,900 4,140 A needy family Food and clothes 780 470 United Way Cash 46,000 46,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) d. Calvin’s AGI is $290,000 and Hobbs is a private nonoperating foundation.
Calvin reviewed his canceled 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 FMV Hobbs Medical Center IBM stock $ 9,400 $ 66,000 State Museum Antique painting 7,200 4,320 A needy family Food and clothes 840 500 United Way Cash 52,000 52,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Calvin’s AGI is $320,000, but the painting is worth $142,000. what is the following: Charitable contribution deduction Carryover
Calvin reviewed his canceled 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 FMV Hobbs Medical Center IBM stock $ 9,400 $ 66,000 State Museum Antique painting 7,200 4,320 A needy family Food and clothes 840 500 United Way Cash 52,000 52,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Calvin’s AGI is $320,000, but the painting is worth $142,000. Q: How much is Charitable contribution deduction? How mush is Carryover?
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 FMV Hobbs Medical Center IBM stock $ 7,000 $ 42,000 State Museum Antique painting 6,000 3,600 A needy family Food and clothes 600 360 United Way Cash 28,000 28,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) d. Calvin’s AGI is $200,000 and Hobbs is a nonoperating private foundation. e. Calvin’s AGI is $200,000 but the painting is worth $70,000.
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 FMV Hobbs Medical Center IBM stock $ 8,200 $ 54,000 State Museum Antique painting 6,600 3,960 A needy family Food and clothes 720 430 United Way Cash 40,000 40,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin’s AGI is $129,000. Charitable contribution deduction? Carryover?
Help me form 1040 - line12a thru 20 Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2019, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income— City of Albuquerque general purpose bonds $1,000 Ford Motor company bonds 1,100 Ally Bank certificate of deposit 400 2,500 Child support payments from John Allen 7,200 Annual gifts from parents 26,000 Settlement from Roadrunner Touring Company 90,000 Lottery winnings 600 Federal income tax refund (for tax year 2018) 400 Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.)…
Mason Phillips, age 45, and his wife, Ruth, live at 230 Wood lane, Salt lake City, UT 84101. Masons Social Security number is 111-11-1111. Ruths Social Security number is 123-45-6789. Mason and Ruth arc cash basis taxpayers and had the following items for 2019: Salary of 140,000. Had debt of 30,000 from uncollected rent. Collection of unpaid rent from a prior year of 6,000. Sale of 124-i stock resulting in a loss of 105,000. The stock was acquired eight months ago. Rental income of 60,000 (property is managed by Mason and Ruth). Rental expenses of 33,000. Casualty loss on rental property of 10,000. Personal casualty loss (from one event) of 3,000; not in a Federally declared disaster area. Theft loss of 8,000 on a painting held for investment. Other itemized deductions of 21,000. Federal income tax withheld of 3,000. (Compute Mason and Ruths 2019 Federal income tax payable (or refund due).
In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2021: Charity Property Cost FMV State University Cash $ 16,400 $ 16,400 Red Cross Cash 15,200 15,200 State History Museum Antique painting 5,140 87,600 City Medical Center Dell stock 42,000 31,000 Problem 6-49 Part-a (Algo) answers needed for all parts a, b c, and d a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean’s AGI this year is $220,000. Determine Dean’s itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the…

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