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loris [4]
3 years ago
14

Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. a.

Amber Corporation donated inventory of clothing (basis of $24,000, fair market value of $30,000) to a qualified charitable organization that operates homeless shelters. $fill in the blank 9a9067069fa000e_1
Business
1 answer:
mote1985 [20]3 years ago
5 0

Answer:

$27,000

Explanation:

Computation for the charitable contribution deduction

Using this formula

Charitable contribution deduction = (Adjusted basis )+[ 50% (Fair Value – Adjusted Basis)]

Let plug in the formula

Charitable contribution deduction= 24,000 + [50% (30,000 – 24,000)]

Charitable contribution deduction= 24,000+ (50%*6,000)

Charitable contribution deduction= 24,000+3,0000

Charitable contribution deduction = 27,000

Therefore the charitable contribution deduction will be $27,000

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Answer:

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Explanation:

given data

Total cost for chemicals = $10

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Total cost of misc = $5

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solution

first we get here total initial cost that is

total initial cost  = 10 + 40 + 5

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and

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3 0
3 years ago
Analyzing and Distributing Cash Dividends to Preferred and Common Stocks Potter Company has outstanding 16,000 shares of $60 par
blondinia [14]

Answer:

Year 1

Preferred Stock Dividend = $ 0

Common Stock Dividend = $0

Year 2

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Year 3

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Explanation:

Preferred Stock has preference when it comes to payments of dividends. The remainder of the dividends will then be paid to Common Stock Holders after distributions have been made to Preference Stock Holders.

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Year 3

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