Compute the amount of charitable contribution deduction for the current year for the following taxpayers. Ignore any percentage limitations. a. Pritizo Corporation owns inventory with a basis of $30,000 and a fair market value of $24,000. A charitable contribution af the Inventory results in a deduction of $ b. During the current year, Lasso Corporation donates a capital asset to Midlands College. Lasso acquired the asset three years ago for $18,000, and the fair market value on the date of the contribution is $32,000. The corporation's charitable contribution deduction is c. Nate Corporation donates a sculpture worth $130,000 to a local museum (a qualified organization), which exhibits the sculpture. Nate had acquired the sculpture in 2005 for $55,000. Nate is allowed to deduct S
Compute the amount of charitable contribution deduction for the current year for the following taxpayers. Ignore any percentage limitations. a. Pritizo Corporation owns inventory with a basis of $30,000 and a fair market value of $24,000. A charitable contribution af the Inventory results in a deduction of $ b. During the current year, Lasso Corporation donates a capital asset to Midlands College. Lasso acquired the asset three years ago for $18,000, and the fair market value on the date of the contribution is $32,000. The corporation's charitable contribution deduction is c. Nate Corporation donates a sculpture worth $130,000 to a local museum (a qualified organization), which exhibits the sculpture. Nate had acquired the sculpture in 2005 for $55,000. Nate is allowed to deduct S
Chapter3: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 45P
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Compute the amount of charitable contribution deduction for the current year for the following taxpayers. Ignore any percentage
limitations.
a. Pritizo Corporation owns inventory with a basis of $30,000 and a fair market value of $24,000. A charitable contribution of the Inventory
results in a deduction of $S
b. During the current year, Lasso Corporation donates a capital asset to Midlands College. Lasso acquired the asset three years ago for
$18,000, and the fair market value on the date of the contribution is $32,000. The corporation's charitable contribution deduction is
c. Nate Corporation donates a sculpture worth $130,000 to a local museum (a qualified organization), which exhibits the sculpture. Nate
had acquired the sculpture in 2005 for $55,000. Nate is allowed to deduct $
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