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Bas_tet [7]
4 years ago
11

Calvin reviewed his canceled 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 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:

(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.

Business
2 answers:
Sever21 [200]4 years ago
8 0

Answer:

The solution and complete explanation for the above question and mentioned conditions is given below in the attached files.I hope my explanation will help you in understanding this particular question.

Explanation:

BabaBlast [244]4 years ago
6 0

Answer:

PLEASE FIND THE ANSWER IN ATTACHMENT

Download docx
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Answer:

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Explanation:

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The ratio for good Y

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Since the ratio is same for both the goods it implies that Sharon is maximizing her total utility.

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<h3>What is Generally accepted accounting principles?</h3>

A unified collection of accounting regulations, guidelines, and practices published by the Financial Accounting Standards Board is known as generally accepted accounting principles (GAAP) (FASB).  When assembling their financial accounts, American public firms' accountants are required to adhere to GAAP.

Ten basic principles serve as the framework for GAAP, which is a set of regulations. The International Financial Reporting Standards (IFRS), which are seen as more of a principles-based norm, are frequently used as a comparison. There have recently been initiatives to move GAAP reporting to IFRS because it is a more global standard.

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