Reference no: EM131291882
Mitch 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 Mitch charitable contribution deduction and carry over (if any ) under the following circumstances.
A. Mitch AGI is $100,000
Charitable contribution deduction?
Carry over?
B. Mitch AGI is $100,000 and Hobbs is a non operating private foundation.
Charitable contribution deduction?
Carry over?
C. Mitch AGI is $ 50,000
Charitable contribution deduction?
Carry over?
D. Mitch AGI is $100,000 but the painting is worth $10,000.
Charitable charitable deduction
Carry over?
E. Mitch AGI is $100,000 but the state museum told Mitch that it plans to sell the painting.
Charitable contribution deduction?
Carry over?
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