Question
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
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 | $ 6,600 | $ 38,000 |
| State Museum | Antique painting | 5,800 | 3,480 |
| A needy family | Food and clothes | 560 | 340 |
| United Way | Cash | 24,000 | 24,000 |
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.
e. Calvin's AGI is $180,000, but the painting is worth $58,000.
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Tax Audit Guidelines For The State Of California Employment Development Department
Authors: State Of California, Employment Development Department
1st Edition
B0C1J7KT6R, 979-8390634066
