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	$ 8,200	$ 54,000
State Museum	Antique painting	6,600	3,960
A needy family	Food and clothes	720	430
United Way	Cash	40,000	40,000

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 $260,000.

b. Calvin's AGI is $260,000, but the State Museum told Calvin that it plans to sell the painting.

c. Calvin's AGI is $129,000.

d. Calvin's AGI is $260,000 and Hobbs is a private non operating foundation.

e. Calvin's AGI is $260,000, but the painting is worth $106,000.

Answer rating: 100% (QA)

Here Items Property In this case deduction before limit Allowable Limit IBM Stock Capital gain 54000 30 of AGI Antique Painting Cost FMV 3960 50 of AGI Food and Clothes Not Qualified Charity Cash Ordi... View the full answer