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. DoneeItemCostFMVHobbs Medical CenterIBM stock$8,200$54,000State MuseumAntique painting 6,600 3,960A needy familyFood and clothes 720 430United WayCash 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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Asked Nov 6, 2019
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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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Expert Answer

Step 1

Maximum remaining contributions.

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Particulars 50% AGI limit Amount (S) Amount (S) 64,500 50% contribution-cash 40,000 3,960 50% contribution- painting 43.960 20,540 Total 50% contributions Maximum remaining contributions to reach 50%

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Step 2

Answer:...

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Particulars Amount (S) 64,500 Charitable contribution deduction Carryover (1) 28,200

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