Question
In: Accounting
Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included a painting...
Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included a painting and IBM stock. He has owned the IBM stock and painting since 2005.
| Donee | Item | Cost | FMV | ||
| Hobbs Medical Center | IBM stock | $ | 8,200 | $ | 54,000 |
| State Museum | Antique painting | 6,600 | 3,960 | ||
| A needy family | Food and clothes | 720 | 430 | ||
| United Way | Cash | 40,000 | 40,000 | ||
|
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) a.Calvin’s AGI is $260,000. charitable contributuion deduction $ carryover $ b. Calvin’s AGI is $260,000 but the State Museum told Calvin that it plans to sell the painting. charitable contributuion deduction $ carryover $ c. Calvin’s AGI is $129,000. charitable contributuion deduction $ carryover $ d. Calvin’s AGI is $260,000 and Hobbs is a private nonoperating foundation. charitable contributuion deduction $ carryover $ e. Calvin’s AGI is $260,000 but the painting is worth $106,000. charitable contributuion deduction $ carryover $ |
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included a painting...
Calvin reviewed his cancelled checks and receipts this year for
charitable contributions, which included a painting and IBM stock.
He has owned the IBM stock and painting since 2005.
Donee
Item
Cost
FMV
Hobbs Medical Center
IBM Stock
$9,000
$62,000
State Museum
Antique Painting
7,000
4,200
A needy family
Food and clothes
800
480
United Way
Cash
48,000
48,000
d. Calvin’s AGI is $300,000 and Hobbs is a
private nonoperating foundation.
Charitable contribution deduction
$___________
Carryover
$___________
e. Calvin’s AGI...
Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included a painting...
Calvin reviewed his cancelled checks and receipts this year for
charitable contributions, which included a painting and IBM stock.
He has owned the IBM stock and painting since 2005.
Donee
Item
Cost
FMV
Hobbs Medical
Center
IBM stock
$
6,200
$
34,000
State
Museum
Antique
painting
5,600
3,360
A needy
family
Food and
clothes
520
310
United Way
Cash
20,000
20,000
Calculate Calvin's charitable contribution deduction and
carryover (if any) under the following circumstances.
(Leave no answer blank. Enter zero...
Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique...
Calvin reviewed his cancelled 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
$
7,200
$
44,000
State Museum
Antique painting
6,100
3,660
A needy family
Food and clothes
620
370
United Way
Cash
30,000
30,000
Calculate Calvin's charitable contribution deduction and
carryover (if any) under the following circumstances:
a) Calvin’s AGI is...
Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique...
Calvin reviewed his cancelled 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
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...
Required information [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks...
Required information [The following information applies to the
questions displayed below.]
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
$
6,000
$
32,000
State Museum
Antique painting
5,500
3,300
A needy family
Food and clothes
500
300
United Way
Cash
18,000
18,000
Calculate Calvin's charitable contribution deduction and...
Which of the following contributions is allowed as a charitable contribution deduction? a. Lost income associated...
Which of the following contributions is allowed as a charitable
contribution deduction? a. Lost income associated with rent free
use of a taxpayer’s property by a qualifying charity. b. Automobile
mileage incurred by the taxpayer in rendering services to a
qualifying charity. c. The value of time or services rendered to a
charitable organization. d. All of the above. e. None of the
above.
The following revenue and expense figures relate to the first year of the rodeo. Receipts Contributions...
The following revenue and expense figures relate to the first
year of the rodeo.
Receipts
Contributions from sponsors $22,000
Receipts from ticket sales $28,971
Share of concession profits $1,513
Sale of programs $600
Total receipts $53,084
Expenses
Livestock contractor $26,000
Prize money $21,000
Contestant hospitality $3,341*
Sponsor signs for arena $1,900
Insurance $1,800
Ticket printing $1,050
Sanctioning fees $925
Entertainment $859
Judging fees $750
Port-a-potties $716
Rent $600
Hay for horses $538
Programs $500
Western hats to first 500 children...
Which would increase U.S. GDP? Group of answer choices An increase in charitable contributions by U.S....
Which would increase U.S. GDP?
Group of answer choices
An increase in charitable contributions by U.S. citizens
A garage sale with all used items
An increase in prices in the foreign market
None of the above
The average annual income for a female in Wisconsin is $38,000,
while for a male it is $45,000. If prices rise by 2% next year and
salaries of both females and males rise by 2% we can expect
Group of answer choices
No change...
T OR F 5. If a taxpayer uses the standard deduction, current year charitable contributions may...
T OR F
5. If a taxpayer uses the standard
deduction, current year charitable contributions may be carried
forward and deducted in future years
6. A taxpayer's home is burglarized and six
items of artwork and jewelry are stolen. The taxpayer must reduce
his casualty loss deduction by $600 ($100 for each item
stolen).
7. Interest paid on home equity debt is not
deductible if the proceeds from the debt are used to pay off the
taxpayer's credit card debt....
§In its first year, Barsky Corporation made charitable contributions totaling $30,000. The corporation’s taxable income before...
§In its first year, Barsky Corporation made charitable
contributions totaling $30,000. The corporation’s taxable income
before any charitable contribution deduction was $250,000. In its
second year, Barsky made charitable contributions of $15,000 and
earned taxable income before the contribution deduction of
$300,000.Compute Barsky’s allowable charitable contribution
deduction and its final taxable income for its first year.
§Compute Barsky’s allowable charitable contribution deduction
and its final taxable income for its second year.
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