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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
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. Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. c. Calvin's AGI is $169,000. d. Calvin's AGI is $340,000 and Hobbs is a private nonoperating foundation. Calvin's AGI is $340,000, but the painting is worth $154,000. Answer is complete but not entirely correct
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