Required information [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2022) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way Item a. Calvin's AGI is $100,000. IBM stock Antique painting Food and clothes Cash Cost $ 5,000 5,000 400 8,000 FMV $ 22,000 3,000 250 8,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable.
Required information [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2022) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way Item a. Calvin's AGI is $100,000. IBM stock Antique painting Food and clothes Cash Cost $ 5,000 5,000 400 8,000 FMV $ 22,000 3,000 250 8,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable.
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 38P
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Please help me
![Accounting
Required information
[The following information applies to the questions displayed below.]
Calvin reviewed his canceled checks and receipts this year (2022) for charitable contributions, which included an
antique painting and IBM stock. He has owned the IBM stock and the painting since 2005.
Donee
Hobbs Medical Center
State Museum
A needy family
United Way
a. Calvin's AGI is $100,000.
Charitable contribution deduction
Carryover
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.
Note: Leave no answer blank. Enter zero if applicable.
Donee
Hobbs Medical Center
State Museum
A needy family
United Way
Item
IBM stock
Antique painting
Food and clothes
Cash
antique painting and IBM stock. He has owned the IBM stock and the painting since 2005.
Cost
$5,000
5,000
400
8,000
a. Calvin's AGI is $100,000.
Charitable contribution deduction
Carryover
Item
IBM stock
Antique painting
Food and clothes.
Cash
Cost
$ 5,000
5,000
400
8,000
> Answer is complete but not entirely correct.
$
FMV
$ 22,000
3,000
250
8,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.
Note: Leave no answer blank. Enter zero if applicable.
9,000 X
35,000 X
FMV
$ 22,000
3,000
250
8,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F490a9595-d5f1-4cf2-a91a-5c38599b15d4%2Fe0a032a6-7146-4508-ac99-26af64cc6356%2Fjs7eitp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Accounting
Required information
[The following information applies to the questions displayed below.]
Calvin reviewed his canceled checks and receipts this year (2022) for charitable contributions, which included an
antique painting and IBM stock. He has owned the IBM stock and the painting since 2005.
Donee
Hobbs Medical Center
State Museum
A needy family
United Way
a. Calvin's AGI is $100,000.
Charitable contribution deduction
Carryover
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.
Note: Leave no answer blank. Enter zero if applicable.
Donee
Hobbs Medical Center
State Museum
A needy family
United Way
Item
IBM stock
Antique painting
Food and clothes
Cash
antique painting and IBM stock. He has owned the IBM stock and the painting since 2005.
Cost
$5,000
5,000
400
8,000
a. Calvin's AGI is $100,000.
Charitable contribution deduction
Carryover
Item
IBM stock
Antique painting
Food and clothes.
Cash
Cost
$ 5,000
5,000
400
8,000
> Answer is complete but not entirely correct.
$
FMV
$ 22,000
3,000
250
8,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.
Note: Leave no answer blank. Enter zero if applicable.
9,000 X
35,000 X
FMV
$ 22,000
3,000
250
8,000
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