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Business, 06.04.2021 01:50 jforeman42

Calvin reviewed his canceled checks and receipts this year 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 $ 5,000 $ 22,000
State Museum Antique 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 (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.)
b. Calvin's AGI is $120,000 but the State Museum told Calvin that it plans to sell the painting. Charitable contribution deduction Carryover

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