FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 $146,000, fair market value of $182,500) 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 $86,400, and the fair market value on the date of the contribution is $138,240. Western College plans on selling the stock.
c. Ruby Corporation donates a sculpture held as an investment and worth $200,800 to a local museum (a qualified organization), which
exhibits the sculpture. Ruby acquired the sculpture four years ago for $80,320.
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Transcribed Image Text: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 $146,000, fair market value of $182,500) 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 $86,400, and the fair market value on the date of the contribution is $138,240. Western College plans on selling the stock. c. Ruby Corporation donates a sculpture held as an investment and worth $200,800 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $80,320.
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