Calvin reviewed his cancelled checks and receipts this year for charitable contributions. He has owned the IBM stock and painting since 2005. Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.
| 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
|
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.