REL-1300 Study Guide - Protestant Reformation, Guru Nanak, Kamidana
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6. Calvin reviewed his canceled 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 | 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. CalvinĆ¢ĀĀs AGI is $100,000.
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b. CalvinĆ¢ĀĀs AGI is $100,000 but the State Museum told Calvin that it plans to sell the painting.
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c. CalvinĆ¢ĀĀs AGI is $50,000.
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d. CalvinĆ¢ĀĀs AGI is $100,000 and Hobbs is a private nonoperating foundation.
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e. CalvinĆ¢ĀĀs AGI is $100,000 but the painting is worth $10,000.
Charitable contribution deduction | ? |
Carryover ? |
Robots, Inc. reports the followingfinancial data for last year:
Gross income from sales and services | $200,000 |
Wages, cost recovery and other expenses | 180,000 |
Dividend income from at least 20 percent owned U.S.corporations | 40,000 |
Net operating loss carryover | 20,000 |
Capital losses | 10,000 |
Charitable contribution carryover | 7,000 |
Current charitable contributions | 11,000 |
(a.) What is Robots's charitable contribution deduction?
(b.) How much of the charitable contribution carryover is usedup?
(c.) What is taxable income?
(d.) What is the dividends received deduction