Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Adjusted Fair Market Basis Value Painting held four years as an investment, to a church, which sold it immediately $22,200 $37,000 Apple stock held two years as an investment, to United Way, which sold it immediately 58,275 129,500 Canned groceries held one month as inventory, to Catholic Meals for the Poor 6,480 10,800 Determine the amount of Aquamarine Corporation's charitable deduction for the current year. (Ignore the taxable income limitation.) Painting: The amount of the contribution is Stock: The amount of the contribution is Groceries: The amount of the contribution is Therefore, the total charitable contribution is $
Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Adjusted Fair Market Basis Value Painting held four years as an investment, to a church, which sold it immediately $22,200 $37,000 Apple stock held two years as an investment, to United Way, which sold it immediately 58,275 129,500 Canned groceries held one month as inventory, to Catholic Meals for the Poor 6,480 10,800 Determine the amount of Aquamarine Corporation's charitable deduction for the current year. (Ignore the taxable income limitation.) Painting: The amount of the contribution is Stock: The amount of the contribution is Groceries: The amount of the contribution is Therefore, the total charitable contribution is $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 3-43 (Algorithmic) (LO. 1)
Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current
year:
Adjusted
Fair Market
Basis
Value
Painting held four years as an investment, to a church, which sold it immediately
$22,200
$37,000
Apple stock held two years as an investment, to United Way, which sold it immediately
58,275
129,500
Canned groceries held one month as inventory, to Catholic Meals for the Poor
6,480
10,800
Determine the amount of Aquamarine Corporation's charitable deduction for the current year. (Ignore the taxable income limitation.)
Painting: The amount of the contribution is
Stock: The amount of the contribution is
Groceries: The amount of the contribution is
Therefore, the total charitable contribution is $
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