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. Donee Item Cost FMV $ 24,000 $ 5,200 5,100 420 10,000 Hobbs Medical Center IBM stock Antique painting Food and clothes State Museum 3,060 250 A needy family United Way Cash 10,000 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 $110,000. Charitable contribution deduction Carryover
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. Donee Item Cost FMV $ 24,000 $ 5,200 5,100 420 10,000 Hobbs Medical Center IBM stock Antique painting Food and clothes State Museum 3,060 250 A needy family United Way Cash 10,000 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 $110,000. Charitable contribution deduction Carryover
Chapter20: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 9DQ
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT