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How much qualifies for the charitable contribution deduction

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Reference no: EM131794255

Problem

This year, Fliedermaus Corporation (a C corporation), a retailer of costume apparel, made the following donations to qualified charitable organizations.

 

Adjusted Basis

Fair Market Value

Bat costumes held as inventory, to Home for Indigent Superheroes

$10,000

$15,000

Stock in LexCorp acquired two years ago and held as an investment, to Gotham University

5,000

3,000

Land acquired four years ago and held as an investment, to Tompkins Medical Clinic

50,000

75,000

How much qualifies for the charitable contribution deduction? Disregarding the 10% limitation.

a. $63,000
b. $65,000
c. $90,500
d. $92,500
e. None of the above.

Reference no: EM131794255

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