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Calculate Calvin charitable contribution deduction

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Problem - 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

$5,600

$28,000

State Museum

Antique painting

5,300

3,180

A needy family

Food and clothes

460

280

United Way

Cash

14,000

14,000

Required - Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances: Calvin's AGI is $64,000.

Reference no: EM132840289

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