Required information

Skip to question

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

Calvin reviewed his canceled checks and receipts this year (2023) 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	$ 6,000	$ 32,000
State Museum	Antique painting	5,500	3,300
A needy family	Food and clothes	500	300
United Way	Cash	18,000	18,000

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

Note: Leave no answer blank. Enter zero if applicable.

A. Calvin's AGI is $150,000.

Charitable contribution deduction:

Carryover:

b. Calvin's AGI is $150,000, but the State Museum told Calvin that it plans to sell the painting.

Charitable contribution deduction:

Carryover:

c. Calvin's AGI is $74,000

Charitable contribution deduction:

Carryover:

d. Calvin's AGI is $150,000 and Hobbs is a private nonoperating foundation.

Charitable contribution deduction:

Carryover:

e. Calvin's AGI is $150,000, but the painting is worth $40,000.

Charitable contribution deduction:

Carryover: