Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. a. Amber Corporation donated inventory of clothing (basis of
Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations.
a. Amber Corporation donated inventory of clothing (basis of $24,000, fair market value of $30,000) to a qualified charitable organization that operates homeless shelters.
b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $18,000, and the fair market value on the date of the contribution is $32,000. Western College plans on selling the stock.
c. Ruby Corporation donates a sculpture worth $130,000 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $55,000.
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South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts
Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
41st Edition
978-1337385947, 1337390046, 1337385948, 9781337390040, 978-1337385985
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