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Business, 19.10.2021 14:00 rosezgomez97

Calvin reviewed his canceled checks and receipts in 2020 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 $8,400 $56,000
State Museum Antique painting 6,700 4,020
A needy family Food and clothes 740 440
United Way Cash 42,000 42,000

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

a. Calvin’s AGI is $270,000 and Hobbs is a private nonoperating foundation.
b. Calvin's AGI is $270,000

Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Assume CARES Act applies. (Leave no answer blank. Enter zero if applicable.)

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