Question: Exercise 17-23 (Algorithmic) (LO. 1) Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your

Exercise 17-23 (Algorithmic) (LO. 1) 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 $33,500, fair market value of $41,875) 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 $134,400, and the fair market value on the date of the contribution is $215,040. Western College plans on selling the stock. c. Ruby Corporation donates a sculpture held as an investment and worth $220,400 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $88,160

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