Yellow Corporation donates the following property to the State University: ABC Corporation stock purchased two years
Question:
Yellow Corporation donates the following property to the State University:
• ABC Corporation stock purchased two years ago for $18,000. The stock, which trades on a regional stock exchange, has a $25,000 FMV on the contribution date.
• Inventory with a $17,000 adjusted basis and a $22,000 FMV. State will use the inventory for scientific research that qualifies under the special Sec. 170(e)(4) rules.
• An antique vase purchased two years ago for $10,000 and having an $18,000 FMV. State University plans to sell the vase to obtain funds for educational purposes. Yellow Corporation's taxable income before any charitable contributions deduction or dividends-received deduction is $300,000.
a. What is Yellow Corporation's charitable contributions deduction for the current year?
b. What is the amount of its charitable contributions carryover (if any)?
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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