Question

печаем на (The following information applies to the questions displayed below.) Calvin reviewed his canceled checks and receipts in 2020 for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. שאת Donee Iten Hobbs Medical Center IBM stock State Museum Antique painting A needy family Yood and clothes United Way Cash Cost $ 5,400 $26,000 5,200 3,120 440 12,000 12,000 260 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 $59,000. Charitable contribution deduction Carryover

Answer 1

Calculation of Charitable Contribution deduction
Item	Amount	Cost/FMV	Deductable amount	Carry forwarded
IBM Stock	26000	FMV	17,700.00	13,500.00
Antique Painting	5200	FMV
Food and Clothes	440	FMV	440.00	0
Cash	12000	FMV	59,000.00	-
			77,140.00	13,500.00
Adjusted Gross Income		59000
30% of AGI			17700
Cash donations to qualified charities enable deductions of up to 100% of your adjusted gross income as per CARES in 2020. and United Ways is a qualified oraganisation.
Assets held or more than a year, including stocks and property, are generally deductible at fair market value, up to 30% of your adjusted gross income