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28 Sep 2019
6. 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. Calvinâs AGI is $100,000.
Charitable contribution deduction ? Carryover ?
b. Calvinâs AGI is $100,000 but the State Museum told Calvin that it plans to sell the painting.
Charitable contribution deduction ? Carryover ?
c. Calvinâs AGI is $50,000.
Charitable contribution deduction ? Carryover ?
d. Calvinâs AGI is $100,000 and Hobbs is a private nonoperating foundation.
Charitable contribution deduction ? Carryover ?
e. Calvinâs AGI is $100,000 but the painting is worth $10,000.
Charitable contribution deduction ? Carryover ?
6. 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. Calvinâs AGI is $100,000.
| |||||||
b. Calvinâs AGI is $100,000 but the State Museum told Calvin that it plans to sell the painting.
| ||||||
c. Calvinâs AGI is $50,000.
| |||||||
d. Calvinâs AGI is $100,000 and Hobbs is a private nonoperating foundation.
| |||||||
e. Calvinâs AGI is $100,000 but the painting is worth $10,000.
| Charitable contribution deduction | ? |
| Carryover ? |
Patrina SchowalterLv2
28 Sep 2019