Question: Please bold answer in explanation Required Information CARES Problem 6-48 (LO 6-2) (Algo) [The following information applies to the questions displayed below.] Calvin reviewed his

 Please bold answer in explanation Required Information CARES Problem 6-48 (LO6-2) (Algo) [The following information applies to the questions displayed below.] Calvinreviewed his canceled checks and receipts in 2020 for charitable contributions, whichincluded an antique painting and IBM stock. He has owned the IBMstock and the painting since 2005. Donee Hobbs Medical Center State Museum

Please bold answer in explanation

Required Information CARES Problem 6-48 (LO 6-2) (Algo) [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. Donee Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost FMV $ 6,000 $32,000 5,580 3,300 300 18,888 18,eee see Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero If applicable.) CARES Problem 6-48 Part-a (Algo) a. Calvin's AGI is $150,000. S Charitable contribution deduction Carryover 21,300 21,300 b. Calvin's AGI is $150,000, but the State Museum told Calvin that it plans to sell the painting. S Charitable contribution deduction Carryover 53.700 0 c. Calvin's AGI is $74.000. S 0 Charitable contribution deduction Carryover S 0 d. Calvin's AGI is $150.000 and Hobbs is a private nonoperating foundation. S Charitable contribution deduction Carryover OO S e. Calvin's AGI is $150,000, but the painting is worth $40.000. Charitable contribution deduction Carryover

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