Compute the charitable contribution deduction

Assignment Help Accounting Basics

Reference no: EM131195842

Compute the charitable contribution deduction (ignoring the percentage limi- tation) for each of the following C corporations.

a. Amber Corporation donated inventory of clothing (basis of $24,000, fair market value of $30,000) 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 $18,000, and the fair market value on the date of the contribution is $32,000. Western College plans on selling the stock.

c. Ruby Corporation donates a sculpture worth $130,000 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $55,000.

Reference no: EM131195842

Questions Cloud

What three groups use ratios : 1. Why are ratios useful? What three groups use ratios, and for what reasons? 2. What qualitative factors should analysts look for when evaluating a company's likely future financial performance? Explain.

Compute the planned net income : Compute the planned net income for 2015. Compute the BEP in units assuming that the company maintains its planned sales mix. Determine the BEP if the company only sells Tacos

Discuss is system that you would recommend for management : Discuss the IS system that you would recommend for management to use to obtain this information for each scorecard component. Remember to provide rationale for your recommendations.

What is the cross price elasticity of demand of good : What is the price elasticity of demand for good A? Is the demand for this good elastic or inelastic and what is the price elasticity of demand for good B? Is the demand for this good elastic or inelastic?

Compute the charitable contribution deduction : Compute the charitable contribution deduction for each of the following C corporations.- Amber Corporation donated inventory of clothing (basis of $24,000, fair market value of $30,000) to a qualified charitable organization that operates homeless ..

What the estimated intercept represent in this regression : The table below contains estimates from a linear regression predicting respondents' views on an abortion views scale going from 0 to 10 where higher values indicate more pro-choice views and lower values indicate more pro-life views with the indep..

Dichotomy between micro and macro social worker practice : Critique your colleague's suggested application of resiliency to social work practice, stating whether you might use the strategy in your own practice, and why.

Examine the guidelines for informative speaking : Examine the guidelines for informative speaking and discuss the potential ethical or legal implications for inaccurate or misinformative speaking. Support your ideas with specific details from at least one real-world example.

How you might enhance your own confidence based on factors : Finally, describe yourself as a confident or nervous speaker and discuss how you might enhance your own confidence based on these factors.

User Account

All Pages