Charitable Contributions Assignment | Top Universities
February 21st, 2020
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.
| Donee | Item | Cost | FMV | ||
| 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 | ||
| United Way | Cash | 16,000 | 16,000 | ||
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.
