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- In its first year (2021), Camco Incorporated generated a $92,000 net operating loss, and it made a $5,000 cash donation to a local charity. In its second year (2022), Camco generated a $210,600 profit, and it made a $10,000 donation to the same charity. Required: Compute Camco's taxable income for its second year.Donor Corporation had the following income and deductions for last year: Sales $5,000,000; Cost of goods sold $3,500,000; Other operating expenses $800,000; Dividends (from 5 percent owned domestic corporations) $100,000. Donor Corporation also made contributions (not included above) to qualifying charitable organizations of $175,000. Determine Donor Corporation’s taxable income for the year.A private not-for-profit entity receives three large cash donations: *One gift of $85,000 is restricted by the donor so that it can't be spent for four years *One gift of $105,000 is restricted to pay the salaries of the entity's workers *One gift of $135,000 must be held forever with the income to be used to provide food for needy families. In the current year, income of $25,000 was earned by not spent. WHat is the increase in the current year in net assets with donor restrictions? 220,000 240,000 350,000
- Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your answers to nearest dollar. a. Amber Corporation donated inventory of clothing (basis of $131,000, fair market value of $163,750) to a qualified charitable organization that operates homeless shelters.$ b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $73,200, and the fair market value on the date of the contribution is $117,120. Western College plans on selling the stock.$ c. Ruby Corporation donates a sculpture held as an investment and worth $245,600 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $98,240.$A private not-for-profit entity is working to create a cure for a deadly disease. The charity starts the year with cash of $709,000. Of this amount, unrestricted net assets total $403,000, temporaril restricted net assets total $203,000, and permanenetly restricted net assets total $103,000. Within the temporarily restricted net assets, the entity must use 80 percent for equipment and the rest for salaries . No implied time restriction has been designated for the equipment when purchased. For the permanently restricted net assets, 70 percent of resulting income must be used to cover the purchase of advertising for fund-raising purposes and the rest is unrestricted. During the current year, the organization has the following transactions: 1. Received unrestricted cash gifts of $213,000. 2. Paid salaries of $83,000 with $23,000 of that amount coming from restricted funds. Of the total salaries, 40 percent is for administrative personnel and the remainder is evenly divided among…Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Adjusted Basis Fair Market Value Painting held four years as an investment, to a church, which sold it immediately $6,000 $10,000 Apple stock held two years as an investment, to United Way, which sold it immediately 15,750 35,000 Canned groceries held one month as inventory, to Catholic Meals for the Poor 2,520 4,200 Determine the amount of Aquamarine Corporation's charitable deduction for the current year. (Ignore the taxable income limitation.) Painting: The amount of the contribution is . Stock: The amount of the contribution is . Groceries: The amount of the contribution is . Therefore, the total charitable contribution is $fill in the blank 4. Feedback Area please do not provide solution in image format thank you!
- The Pooch Corporation is a regular corporation that contributes $15,000 cash to qualified charitable organizationsduring the current year. The corporation has net taxable income of $160,000 before deducting the contributions.a. What is the amount of Pooch Corporation's allowable deduction for charitable contributions forthe current year?b. What may the corporation do with any excess amount of contributions?INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year ended December 31, 2023, the following transactions occurred. A business donated rent-free office space to the organization that would normally rent for $35,000 a year. A fund drive raised $185,000 in cash and $100,000 in pledges that will be paid next year. A state government grant of $150,000 was received for program operating costs related to public health education. Salaries and fringe benefits paid during the year amounted to $208,560. At year-end, an additional $16,000 of salaries and fringe benefits were accrued. A donor pledged $100,000 for construction of a new building, payable over five fiscal years, commencing in 2025. The discounted value of the pledge is expected to be $94,260. Office equipment was purchased for $12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $9,600 was donated by a local office supply…Fish, Inc., an exempt organization, reports unrelated business income of $500,000 (before any charitable contribution deduction). During the year, Fish makes charitable contributions to other organizations of $54,000, of which $38,000 is associated with the unrelated trade or business. Calculate Fish’s unrelated business taxable income (UBTI). Express your computation in part (a) as a Microsoft Excel formula. Assume instead that the charitable contributions are $41,000, of which $38,000 is associated with the unrelated trade or business. Calculate any UBTI.