Question: 23) Required information Problem 6-48 (LO 6-2) (Algo) Skip to question [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks

23)

Required information

Problem 6-48 (LO 6-2) (Algo)

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[The following information applies to the questions displayed below.]

Calvin reviewed his canceled checks and receipts this year (2021) 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	$ 9,200	$ 64,000
State Museum	Antique painting	7,100	4,260
A needy family	Food and clothes	820	490
United Way	Cash	50,000	50,000

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

A) Calvin's AGI is $310,000.

What is his charitable contribution deductions _____.

What is his carryover______.

B) Calvin's AGI is $310,000, but the State Museum told Calvin that it plans to sell the painting.

What is the charitable contribution deduction ________.

What is the carryover amount _____.

C) Calvin's AGI is $154,000.

What is his charitable contribution deduction _____.

What is his carryover amount _____.

D) Calvin's AGI is $310,000 and Hobbs is a private nonoperating foundation.

What is the charitable contribution deduction ______.

What is the carryover amount ____.

E) Calvin's AGI is $310,000, but the painting is worth $136,000.

What is the charitable contribution _______.

What is the carry over amount _____.

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