Solved: Calvin reviewed his cancelled checks and receipts this year, Accounting Basics

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Calvin reviewed his cancelled checks and receipts this year

Problem

Calvin reviewed his cancelled checks and receipts this year for charitable contributions. He has owned the IBM stock and painting since 2005.

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

Calculate Calvin's charitable contribution deduction and carryover.

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Accounting Basics: Calvin reviewed his cancelled checks and receipts this year

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Accounting Basics: Calvin reviewed his cancelled checks and receipts this year

Reference No:- TGS02589939

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