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Federal Tax Question
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
3,000
A needy family
Food and clothes
400
250
United Way
Cash
8,000
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances
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.
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