Exercise 2-29 (Algorithmic) (LO. 2)

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 $121,000, fair market value of $151,250) 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 $82,800, and the fair market value on the date of the contribution is $132,480. Western College plans on selling the stock. $

c. Ruby Corporation donates a sculpture held as an investment and worth $172,800 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $69,120. $