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 | $ | 8,200 | $ | 54,000 |
| State Museum | Antique painting | 6,600 | 3,960 | ||
| A needy family | Food and clothes | 720 | 430 | ||
| United Way | Cash | 40,000 | 40,000 | ||
|
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 $260,000. charitable contributuion deduction $ carryover $ b. Calvins AGI is $260,000 but the State Museum told Calvin that it plans to sell the painting. charitable contributuion deduction $ carryover $ c. Calvins AGI is $129,000. charitable contributuion deduction $ carryover $ d. Calvins AGI is $260,000 and Hobbs is a private nonoperating foundation. charitable contributuion deduction $ carryover $ e. Calvins AGI is $260,000 but the painting is worth $106,000. charitable contributuion deduction $ carryover $
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Food And Beverage Cost Control
Authors: Lea R. Dopson, David K. Hayes, Jack E. Miller
4th Edition
0471694177, 978-0471694175
