The school will sell the stock and use the proceeds to

Reference no: EM13592557

ELP Corporation donates the following property to Page Middle School

· Computer Equipment purchased one year ago at a cost of $27,000. The equipment has a FMV of $40,000 on the date of the contribution.

· TAX Corporation stock purchased six months ago for $10,000. The stock has a FMV of $16,000 on the date of the contribution.

· CPA Corporation stock purchased five years ago for $20,000. The stock has a FMV of $15,000 on the date of the contribution.

The school will sell the stock and use the proceeds to renovate a classroom to be used as a computer laboratory. ELP's taxable income before any charitable deduction, dividends received deduction, or NOL or capital loss carryback is $500,000k.

What is ELP's charitable contributions deduction for the current year?
What is ELP's charitable contributions carryback or carryover ? In what years can it be used?
What would have been a better plan concerning the CPA stock donation?

Reference no: EM13592557

Questions Cloud

Fred carson delivers parts for several local auto parts : fred carson delivers parts for several local auto parts stores. he charges clients 0.75 per mile driven. fred has

Consider the role of the us treasury department ie the irs : consider the role of the u.s. treasury department i.e. the i.r.s. in international taxation. what do you think are the

Dans taxable income falls in the 15 tax bracket included : dans taxable income falls in the 15 tax bracket. included in his taxable income is 5000 of ordinary dividends of which

Cmpute the total period cost for cotton white omit the : cotton white inc. makes specialty clothing for chefs. the company reported the following costs for 2010. factory

The school will sell the stock and use the proceeds to : elp corporation donates the following property to page middle schoolmiddot computer equipment purchased one year ago at

A solution containing sodium fluoride is mixed with one : a solution containing sodium fluoride is mixed with one containing calcium nitrate to form a solution that is 0.015m

The tray company has offered to sell 20000 units of part no : the reno company manufactures part no. 498 for use in its production cycle. the cost per unit for 20000 units of part

Find the ph of the resulting solution when 2000ml of a : find the ph of the resulting solution when 20.00ml of a 0.1000m triethylamine ch3ch23n kb 5.2x10-4 solution is

Speedy print makes advertising hangers that are placed on : speedy print makes advertising hangers that are placed on doorknobs. it charges 0.04 and estimates its variable cost to

User Account

All Pages