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Business, 10.03.2020 07:46 nyasiasaunders1234

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 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:

(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.

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