Problem
Calvin reviewed his cancelled 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.