Question
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
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 | $ | 9,200 | $ | 64,000 |
| State Museum | Antique painting | 7,100 | 4,260 | ||
| A needy family | Food and clothes | 820 | 490 | ||
| United Way | Cash | 50,000 | 50,000 | ||
|
| |||||
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.)
d. Calvins AGI is $310,000 and Hobbs is a private nonoperating foundation.
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Financial Accounting
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield
10th Edition
073036321X, 978-0730363217
