Question: Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your answers to nearest dollar. a.
Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your answers to nearest dollar. a. Amber Corporation donated inventory of clothing (basis of $103,500, fair market value of $129,375) 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 $104,400, and the fair market value on the date of the contribution is $167,040. Western College plans on selling the stock. c. Ruby Corporation donates a sculpture held as an investment and worth $209,200 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $83,680
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