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So, The IBM stock is capital gain property and the painting is also capital gain property. Hence, Calvin can only deduct the value of the
So, The IBM stock is capital gain property and the painting is also capital gain property. Hence, Calvin can only deduct the value of the stock subject to the lesser of (1) The value of the stock up to the 30% AGI limit ($160,000 * 30% = $48,000) or (2) The remaining amount of deduction to reach the 50% limit. ($80,000 - $20,000 = $60,000) _. _ _ - - J. _ _ _ _ _ Required information [The following information applies to the questions displayed below] Calvin reviewed his canceled checks and receipts this year [2021) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Danae Hobbs Medical Center State Museum A needy family United Way Item Cost IBM stock $ 9,669 Antique painting ?,BBB Food and clothes 866 Cash 54,333 an $ 68,900 4,335 529 54,993 Calculate Calvin's charitable contribution deduction and carryover [if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) e. Calvin's AGI is $330000. but the painting is worth $148,000. Charitable contribution deduction $ 68,000 Carryaver
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