Calvin reviewed his canceled checks and receipts this year 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 Hobbs Medical Center IBM stock $ 8,800 $ 60,000 State Museum Antique painting 6,900 4,140 A needy family Food and clothes 780 470 United Way Cash 46,000 46,000 Calculate Calvin's charitable
Calvin reviewed his canceled checks and receipts this year 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 Hobbs Medical Center IBM stock $ 8,800 $ 60,000 State Museum Antique painting 6,900 4,140 A needy family Food and clothes 780 470 United Way Cash 46,000 46,000 Calculate Calvin's charitable
Chapter28: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 9DQ
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Calvin reviewed his canceled checks and receipts this year 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 | ||
| Hobbs Medical Center | IBM stock | $ | 8,800 | $ | 60,000 |
| State Museum | Antique painting | 6,900 | 4,140 | ||
| A needy family | Food and clothes | 780 | 470 | ||
| United Way | Cash | 46,000 | 46,000 | ||
|
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Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.)
d. Calvin’s AGI is $290,000 and Hobbs is a private nonoperating foundation.
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