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Inessa05 [86]
3 years ago
7

In the current year, Oriole Corporation donated a painting worth $30,000 to the Texas Art Museum, a qualified charity. The museu

m included the painting in its permanent collection. Oriole Corporation purchased the painting five years ago for $10,000. Oriole’s charitable contribution deduction is $____________.
Business
1 answer:
n200080 [17]3 years ago
6 0

Answer:

$30,000

Explanation:

Oriole Corporation purchased the painting five years ago for $10,000. In the current year, the cost of the same painting is $30,000. Oriole Corporation donated this painting to the Texas Art Museum.

So, Oriole’s charitable contribution deduction is <u>$30,000</u> as the current value of the painting is $30,000.

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A Statement of Financial Position is a formal statement presenting the three accounting elements which are?
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3 years ago
Stream outflow is important to coastal landscapes because streams provide ________ to the coastal environment.
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3 years ago
funds are created when individuals or organizations contribute resourcesto a trust with the agreement that principal and/or inco
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8 0
1 year ago
Cyan Corporation (E &amp; P of $700,000) has 4,000 shares of common stock outstanding. The shares are owned as follows: Angelica
pshichka [43]

Answer:

Part - (a)  

Since A constructively holds stock through her son and a prohibited interest within the 10 years of divestment, she will not receive a favorable treatment.

Part - (b)  

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Part - (c)  

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Part - (d)  

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3 0
3 years ago
Read 2 more answers
Critical analysis Q8 Complete the following statement. An unexpected increase in the price level will temporarily output and emp
tester [92]

Answer: INCREASE; DECREASE

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