Calvin reviewed his cancelled 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 $ 8,200 $ 54,000 State Museum Antique painting   6,600   3,960 A needy family Food and clothes   720   430 United Way Cash   40,000   40,000     Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin’s AGI is $129,000. Charitable contribution deduction? Carryover?

Question

 

Calvin reviewed his cancelled 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 $ 8,200 $ 54,000
State Museum Antique painting   6,600   3,960
A needy family Food and clothes   720   430
United Way Cash   40,000   40,000

 


 

Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.

Calvin’s AGI is $129,000.

Charitable contribution deduction?

Carryover?
     

 

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