Calculate calvins charitable contribution deduction

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Reference no: EM13905888

Calvin reviewed his cancelled checks and receipts this year for charitable contributions. He has owned the IBM stock and painting since 2005. Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.

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

a) Calvin's AGI is $100,000.

b) Calvin's AGI is $100,000 but the State Museum told Calvin that it plans to sell the painting.

c) Calvin's AGI is $50,000.

d) Calvin's AGI is $100,000 and Hobbs is a nonoperating private foundation.

e) Calvin's AGI is $100,000 but the painting is worth $10,000.

Reference no: EM13905888

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