Solution-Calculate calvins charitable contribution deduction

Calculate calvins charitable contribution deduction

Reference no: EM131794428

Problem

Calvin reviewed his cancelled checks and receipts this year for charitable contributions. He has owned the IBM stock and painting since 2005.

Donee	Item	Cost	FMV
Hobbs Medical Center	IBM stock	5,000	22,000
State Museum	Painting	5,000	3,000
A needy family	Food and clothes	400	250
United Way	Cash	8,000	8,000

Calculate Calvin's charitable contribution deduction and carryover.

Reference no: EM131794428

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Calculate calvins charitable contribution deduction

Reference no: EM131794428

Reference no: EM131794428

Questions Cloud

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Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

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