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Rainbow [258]
3 years ago
15

Amber Corporation donated inventory of clothing (basis of $136,000, fair market value of $170,000) to a qualified charitable org

anization that operates homeless shelters.
Compute the charitable contribution deduction (ignoring the percentage limitation) for the C-corporation.
Business
1 answer:
viva [34]3 years ago
3 0

Answer:

charitable contribution deduction =  $153000

Explanation:

given data

basis = $136,000

fair market value = $170,000

solution

we get here charitable contribution deduction that is express as

charitable contribution deduction = Basis + 50% of (Fair - basis)    .......................1

put here value and we get

charitable contribution deduction = $136,000 + 0.50 ($170,000 - $136,000 )

charitable contribution deduction =  $153000

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