Question

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 $ 5,000 $ 22,000 State Museum Antique 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 (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) c. Calvin’s AGI is $50,000.

Answer 1

22000 a Answer page: 01 (©) Calvin's AGU is $50000 calvin's deduetion - cash of 8000+ painting $ 3000 + stock of $ 33000 Donation to the family incedy) will not qualify for charitable deduition 18M stock being capital your property, the FMW deduited Subject to a 30-4 of AGI ceiling. The painting not being capital gain property value of the painting can be dedeuted subject to the 501 of AGI Ceiling However, the total donation is subject to the 50.1. of AGI ceiling Can be of the stock the