Calculate Calvin charitable contribution deduction

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Reference no: EM132217854

Question - Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included a painting and IBM stock. He has owned the IBM stock and painting since 2005.

Donee	Item	Cost	FMV
Hobbs Medical Center	IBM stock	$8,000	$52,000
State Museum	Antique painting	6,500	3,900
A needy family	Food and clothes	700	420
United Way	Cash	38,000	38,000

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

Reference no: EM132217854

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