Charitable Contributions Assignment | Top Universities
Calvin reviewed his canceled checks and receipts this year for charitable contributions, which included painting and IBM stock. He has owned the IBM stock and painting since 2005.
|Hobbs Medical Center||IBM stock||$||5,800||$||30,000|
|State Museum||Antique painting||5,400||3,240|
|A needy family||Food and clothes||480||290|
Q: 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 AGI is $140,000.
b. Calvin’s AGI is $140,000 but the State Museum told Calvin that it plans to sell the painting.
c. Calvin’s AGI is $69,000.
d. Calvin’s AGI is $140,000 and Hobbs is a private nonoperating foundation.
e. Calvin’s AGI is $140,000 but the painting is worth $34,000. Get Accounting Homework Help Today.