Required information

Problem 6-43 (LO 6-2)

[The following information applies to the questions displayed below.]

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	$	9,600	$	68,000
State Museum	Antique painting		7,300		4,380
A needy family	Food and clothes		860		520
United Way	Cash		54,000		54,000

Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.)

Problem 6-43 Part-b

b. Calvins AGI is $330,000 but the State Museum told Calvin that it plans to sell the painting.

Charitable Contribution Deduction = ?

Carryover = ?