Question

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

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 $43,500, fair market value of $54,375) 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 $30,000, and the fair market value on the date of the contribution is $48,000. Western College plans on selling the stock.
$

c. Ruby Corporation donates a sculpture held as an investment and worth $212,000 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $84,800.
$

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