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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
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 Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost FMV $ 8,800 $60,000 6,900 4,140 780 470 46,000 46,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) a. Calvin's AG is $290,000. Answer is complete and correct. Charitable contribution deduce Carryover $ 110,140 b. Calvin's AGI is $290,000 but the State Museum told Calvin that it plans to sell the painting. Charitable contribution deduction Carryover c. Calvin's AGI is $144,000. Charitable contribution deduction Carryover d. Calvin's AG is $290,000 and Hobbs is a private nonoperating foundation. Charitable contribution deduction Carryover e. Calvin's AGI is $290,000 but the painting is worth $124,000. Charitable contribution deduction Carryover
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