On October 1, Kingbird Corporation donated a parcel of land which had a fair market value of 9,000. King had purchased the land 5-years ago for 6,500. During the current year, Kingbird Corporation had the following income and expense items: Required: Determine Kingbird’s charitable contribution deduction for the current year
On October 1, Kingbird Corporation donated a parcel of land which had a fair market value of 9,000. King had purchased the land 5-years ago for 6,500. During the current year, Kingbird Corporation had the following income and expense items: Required: Determine Kingbird’s charitable contribution deduction for the current year
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On October 1, Kingbird Corporation donated a parcel of land which had a fair market value of 9,000. King had purchased the land 5-years ago for 6,500. During the current year, Kingbird Corporation had the following income and expense items:
Required: Determine Kingbird’s charitable contribution deduction for the current year
Transcribed Image Text:Income from operations
Expenses from Operations
Dividends received (15% ownership)
Interest income from Municipal bonds
Capital loss from sale of investments
$200,000
$140,000
$ 15,000
$ 10,200
3.500
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