Coattail Corporation (CC) manufactures and sells women’s and children’s coats. This year, CC donated 1,000 coats to a qualified public charity. The charity distributed the coats to needy women and children throughout the region. At the time of the contribution, the fair market value of each coat was $80. Determine the amount of CC’s charitable contribution (the taxable income limitation does not apply) for the coats, assuming the following: CC’s adjusted basis in each coat was $30. CC’s adjusted basis in each coat was $10

Identify which of the following statements is true. Select one: a. Charitable contributions of tangible personal property are always equal to its fair market value plus one-half of its basis. b. The Bella Corporation purchases inventory for $5,000. Its FMV on the date it is donated to the Civic Hospital for the care of the needy is $14,000. The maximum charitable contribution deduction available for the donation is $2,000. c. Corporations' charitable deductions are limited to 20% of their adjusted taxable income. d. All of the above are false.

In 2022, LAA Incorporated made a charitable donation of $118,000 to the Trevor Project (a qualifying charity). For the year, LAA reported taxable income of $568,000, which included a $118,000 charitable contribution deduction (before limitation) and a $51,800 dividends-received deduction. What is LAA Incorporated's charitable contribution deduction for 20227 Assume the charitable donation is not a qualified contribution because LAA Incorporated did not make the necessary election. Charitable contribution deduction for 2022

Maple Corp. owns several pieces of highly valued paintings that are on display in the corporation's headquarters. This year, it donated one of the paintings valued at $100,000 (adjusted basis of $25,000) to a local museum for the museum to display.     a. What is the amount of Maple Corp.'s charitable contribution deduction for the painting (assuming income limitations do not apply)?     Charitable contribution deduction

In 2021, LAA Incorporated made a charitable donation of $151,500 to the American Red Cross. For the year, LAA reported taxable income of $622,000, which included a $151,500 charitable contribution deduction (before limitation), a $68,500 dividends-received deduction, and a $18,100 net operating loss carryover from year 2020. What is LAA Incorporated's charitable contribution deduction for 2021? Assume the charitable donation is not a qualified contribution because LAA Incorporated. Did not make the necessary election. Charitable contribution deduction for year 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 $131,000, fair market value of $163,750) to a qualified charitable organization that operates homeless shelters.$ b.  Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $73,200, and the fair market value on the date of the contribution is $117,120. Western College plans on selling the stock.$ c.  Ruby Corporation donates a sculpture held as an investment and worth $245,600 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $98,240.$

In 2021, Remsco has taxable income of $60,000 and a charitable contribution limit modified taxable income of $28,800. Remsco donated cash of $7,500 to a qualified public charity. What is Remsco's current-year charitable contribution deduction assuming Remsco makes any elections necessary to maximize its charitable contribution deduction?

The Pooch Corporation is a regular corporation that contributes $15,000 cash to qualified charitable organizationsduring the current year. The corporation has net taxable income of $160,000 before deducting the contributions.a. What is the amount of Pooch Corporation's allowable deduction for charitable contributions forthe current year?b. What may the corporation do with any excess amount of contributions?

Faith Community Church is exempt from Federal income taxation under § 501(c)(3). To supplement its contribution revenue, it holds bingo games on Saturday nights. It holds all of the licenses and permits required to do so.The net income from the bingo games is $90,000. Of these funds, $60,000 is used to support the ministry of the church. The balance of $30,000 is invested in Faith’s endowment fund for church music. Faith Community Church is located in a resort city where bingo games can be conducted by churches, charities, and for-profit entities. Will conducting the bingo games affect the exempt status of Faith Community Church? Explain.

Faith Community Church is exempt from Federal income taxation under § 501(c)(3). To supplement its contribution revenue, it holds bingo games on Saturday nights. It holds all of the licenses and permits required to do so.The net income from the bingo games is $90,000. Of these funds, $60,000 is used to support the ministry of the church. The balance of $30,000 is invested in Faith’s endowment fund for church music. Faith Community Church is located in a resort city where bingo games can be conducted by churches, charities, and for-profit entities. Calculate the Federal tax liability, if any, associated with the bingo games.