McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

Exercise 49

Calvin reviewed his cancelled checks and receipts this year for charitable contributions.Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances: a.Calvin's AGI is $100,000.b.Calvin's AGI is $100,000 but the State Museum told Calvin that it plans to sell the painting.c.Calvin's AGI is $50,000.d.Calvin's AGI is $100,000 and Hobbs is a nonoperating private foundation.e.Calvin's AGI is $100,000 but the painting is worth $10,000.