Business, 19.10.2021 14:00 rosezgomez97

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. Donee Item Cost FMV
Hobbs Medical Center IBM stock $8,400 $56,000
State Museum Antique painting 6,700 4,020
A needy family Food and clothes 740 440
United Way Cash 42,000 42,000

Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.

a. Calvin’s AGI is $270,000 and Hobbs is a private nonoperating foundation.
b. Calvin's AGI is $270,000

Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Assume CARES Act applies. (Leave no answer blank. Enter zero if applicable.)

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 20:30

Andrew cooper decides to become a part owner of a corporation. as a part owner, he expects to receive a profit as payment because he has assumed the risk of - serious inflation eroding the purchasing power of his investment.- being paid before the suppliers and employees are paid.- losing his home, car, and life savings.- losing the money he has invested in the corporation and not receiving profits.- the company giving all of the profits to local communities

Answers: 2

Answer

Business, 22.06.2019 00:20

Overspeculation and a decrease in consumer confidence are both leading factors of: ?

Answers: 1

Answer

Business, 22.06.2019 11:00

You decide to invest in a portfolio consisting of 25 percent stock a, 25 percent stock b, and the remainder in stock c. based on the following information, what is the expected return of your portfolio? state of economy probability of state return if state occurs of economy stock a stock b stock c recession .16 - 16.4 % - 2.7 % - 21.6 % normal .55 12.6 % 7.3 % 15.9 % boom .29 26.2 % 14.6 % 30.5 %

Answers: 1

Answer

Business, 22.06.2019 14:40

Which of the following statements about revision is most accurate? (a) you must compose first drafts quickly (sprint writing) and return later for editing. (b) careful writers always revise as they write. (c) revision is required for only long and complex business documents. (d) some business writers prefer to compose first drafts quickly and revise later; others prefer to revise as they go.

Answers: 3

Answer

You know the right answer?

Calvin reviewed his canceled checks and receipts in 2020 for charitable contributions, which include...

Questions