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.

Georgia's gross pay was 35,600 this year she is to pay a federal income tax of 16% how much should georgia pay in federal income ax this year

The relationship requirement for qualifying relative requires the potential qualifying relative to have a family relationship with the taxpayer. t or fwhich of the following is not a from agi deduction? a. standard deductionb. itemized deductionc. personal exemptiond. none of these. all of these are from agi deductions

Abc factory produces 24,000 units. the cost sheet gives the following information: direct materials rs. 1,20,000direct labour rs. 84,000variable overheads rs. 48,000semi variable overheads rs. 28,000fixed overheads rs. 80,000total cost rs. 3,60,000presently the product is sold at rs. 20 per unit. the management proposes to increase the production by 3,000 units for sales in the foreign market . it is estimated that semi variable overheads will increase by rs. 1,000. but the product will be sold at rs. 14 per unit in the foreign market. however, no additional capital expenditure will be incurredq-1. what is present profit of the company ? q-2. what is proposed profit of the company in new market? q-3.what is suggestion for new makret proposal whether proposal accept or not