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Problem 6-50 (LO 6-2) (Algo) Skip to question [The following information applies to...

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Accounting

Problem 6-50 (LO 6-2) (Algo)

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[The following information applies to the questions displayed below.]

Calvin reviewed his canceled checks and receipts this year (2023) 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 $ 9,800 $ 70,000
State Museum Antique painting 7,400 4,440
A needy family Food and clothes 880 530
United Way Cash 56,000 56,000

Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances.

Note: Leave no answer blank. Enter zero if applicable.

Problem 6-50 Part-b (Algo)

b. Calvin's AGI is $340,000, but the State Museum told Calvin that it plans to sell the painting.

make sure to respond asap and I'll drop a thumbs up right away!

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