Question

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	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.)

a. Calvin’s AGI is $100,000.

Answer 1