Question
Required information [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year for charitable contributions. He has
Required information
[The following information applies to the questions displayed below.]
Calvin reviewed his canceled 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. (Leave no answer blank. Enter zero if applicable.)
a. Calvins AGI is $100,000.
Charitable contribution deduction:______________
Carryover:_________________
c. Calvins AGI is $50,000.
Charitable contribution deduction:______________
Carryover:_________________
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