Business, 16.04.2020 02:11 jaliyahrobinson1

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 $158,500, fair market value of $198,125) 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 $40,800, and the fair market value on the date of the contribution is $65,280. Western College plans on selling the stock. $ c. Ruby Corporation donates a sculpture held as an investment and worth $198,000 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $79,200. $

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