Mitch reviewed his cancelled checks and receipts this year, Financial Accounting

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Mitch reviewed his cancelled checks and receipts this year

Mitch 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 Mitch charitable contribution deduction and carry over (if any ) under the following circumstances.

A. Mitch AGI is $100,000

Charitable contribution deduction?

Carry over?

B. Mitch AGI is $100,000 and Hobbs is a non operating private foundation.

Charitable contribution deduction?

Carry over?

C. Mitch AGI is $ 50,000

Charitable contribution deduction?

Carry over?

D. Mitch AGI is $100,000 but the painting is worth $10,000.

Charitable charitable deduction

Carry over?

E. Mitch AGI is $100,000 but the state museum told Mitch that it plans to sell the painting.

Charitable contribution deduction?

Carry over?

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