Question
Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included a painting and IBM stock. He has owned the IBM stock
Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included a painting and IBM stock. He has owned the IBM stock and painting since 2005.
| Donee | Item | Cost | FMV | ||
| Hobbs Medical Center | IBM stock | $ | 8,400 | $ | 56,000 |
| State Museum | Antique painting | 6,700 | 4,020 | ||
| A needy family | Food and clothes | 740 | 440 | ||
| United Way | Cash | 42,000 | 42,000 | ||
|
| |||||
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 $270,000 and Hobbs is a private nonoperating foundation.
Charitable contribution deduction=?
Carrover=?
B. Calvin's AGI is $270,000
Charitable contribution deduction=?
Carryover=?
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Financial Accounting A Management Perspective
Authors: Nelson Macwan
1st Edition
6206142191, 978-6206142195
