Question
of 5 0.1 points Required information [The following information applies to the questions displayed below.] Calvin reviewed his cancelled checks and receipts this year for
of 5 0.1 points
Required information
[The following information applies to the questions displayed below.]
Calvin reviewed his cancelled 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 | $ | 5,000 | $ | 22,000 |
| State Museum | Antique 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. (Leave no answer blank. Enter zero if applicable.)
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 private nonoperating foundation.
e. Calvins AGI is $100,000 but the painting is worth $10,000.
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Annual Independent Audits And Reporting Requirements US Federal Deposit Insurance Corporation Regulation FDIC
Authors: The Law Library
2018 Edition
1727250419, 978-1727250411
