Federal Tax Question

Calvin reviewed his cancelled checks and receipts this year for charitable contributions. He has owned the IBM stock and painting since 2005.

Donee	Item		Cost		FMV
Hobbs Medical Center	IBM stock	$	5,000	$	22,000
State Museum	Painting		5,000		3,000
A needy family	Food and clothes		400		250
United Way	Cash		8,000		8,000

Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances

A)Calvins AGI is $100,000

B)Calvins AGI is $100,000 but the State Museum told Calvin that it plans to sell the painting

C)Calvins AGI is $50,000.

D)Calvins AGI is $100,000 and Hobbs is a nonoperating private foundation.

E)Calvins AGI is $100,000 but the painting is worth $10,000.