Question
6. Calvin reviewed his canceled checks and receipts this year for charitable contributions. He has owned the IBM stock and painting since 2005. Donee Item
6. Calvin reviewed his canceled checks and receipts this year for charitable contributions. He has owned the IBM stock and painting since 2005.
| Donee | Item | Cost | FMV | ||
| Hobbs Medical Center | IBM stock | $ | 5,000 | $ | 22,000 |
| State Museum | Painting | 5,000 | 3,000 | ||
| A needy family | Food and clothes | 400 | 250 | ||
| United Way | Cash | 8,000 | 8,000 | ||
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Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.)
a. Calvins AGI is $100,000.
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b. Calvins AGI is $100,000 but the State Museum told Calvin that it plans to sell the painting.
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c. Calvins AGI is $50,000.
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d. Calvins AGI is $100,000 and Hobbs is a private nonoperating foundation.
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e. Calvins AGI is $100,000 but the painting is worth $10,000.
| Charitable contribution deduction | ? |
| Carryover ? |
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