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What is the amount of its charitable contributions carryover

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Reference no: EM132834272

Question - Charitable Contribution of Property. Yellow Corporation donates the following prop-erty to the State University:

ABC Corporation stock purchased two years ago for $18,000. The stock, which trades on a regional stock exchange, has a $25,000 FMV on the contribution date.

Inventory with a $17,000 adjusted basis and a $22,000 FMV. State will use the inven-tory for scientific research that qualifies under the special Sec. 170(e)(4) rules.

An antique vase purchased two years ago for $10,000 and having an $18,000 FMV. State University plans to sell the vase to obtain funds for educational purposes. Yellow Corporation's taxable income before any charitable contributions deduction or dividends-received deduction is $300,000.

Required -

a. What is Yellow Corporation's charitable contributions deduction for the current year?

b. What is the amount of its charitable contributions carryover (if any)?

Reference no: EM132834272

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