Blue corporation donates the following property to johnson

Reference no: EM13576799

Blue Corporation donates the following property to Johnson Elementary School:%u2022 XYZ Corporation stock purchased two years ago for $25,000. The stock has a $19,000 FMV on the contribution date. %u2022 Computer equipment built one year ago at a cost of $16,000. The equipment has a $50,000 FMV on the contribution date. Blue is not in the business of manufacturing

computer equipment.

%u2022 PQR Corporation stock purchased six months ago for $12,000. The stock has an $18,000 FMV on the contribution date.

The school will sell the stock and use the proceeds to renovate a classroom to be used as a computer laboratory. Blue%u2019s taxable income before any charitable contribution deduction, dividends-received deduction, or NOL or capital loss carryback is $400,000.

a. What is Blue%u2019s charitable contributions deduction for the current year?

b. What is Blue%u2019s charitable contribution carryback or carryover (if any)? In what years can it be used?

c. What would have been a better tax plan concerning the XYZ stock donation?

Reference no: EM13576799

Questions Cloud

The capital project fund had just been created to account : the capital project fund had just been created to account for resources received and expended for the construction of a

It is found that on average each person who regularly : q1. a small town has a population of 20000 people. among these 1000 regularly visit a popular local bar. a sample of

Use the gasoline sales time series data from table to show : use the gasoline sales time series data from table to show the exponential smoothing forecasts using a 0.1. using the

Suppose that 65 of all adults regularly consume coffee what : suppose that 65 of all adults regularly consume coffee 50 regularly consume carbonated soda and 75 regularly consume

Blue corporation donates the following property to johnson : blue corporation donates the following property to johnson elementary schoolu2022 xyz corporation stock purchased two

Weston acquires a new office machine seven-year class asset : weston acquires a new office machine seven-year class asset on november 2 2013 for 75000. this is the only asset weston

If we have a sample size of 100 and the estimate of the : q1. a manufacturing company measures the weight of boxes before shipping them to the customers. if the box weights have

Rikki company received proceeds of 188000 on 10-year 6 : rikki company received proceeds of 188000 on 10-year 6 bonds issued on january 1 2014. the bonds had a face value of

Asample of 12 voters is chosen at random without : a group of voters consists of 40 democrats 30 republicans and 20 independents. a sample of 12 voters is chosen at

User Account

All Pages