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 $131,000, fair market value of $163,750) 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 $73,200, and the fair market value on the date of the contribution is $117,120. Western College plans on selling the stock. $ c. Ruby Corporation donates a sculpture held as an investment and worth $245,600 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $98,240.
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 $131,000, fair market value of $163,750) 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 $73,200, and the fair market value on the date of the contribution is $117,120. Western College plans on selling the stock.
$
c. Ruby Corporation donates a sculpture held as an investment and worth $245,600 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $98,240.
$
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