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A corporation donates to a qualified public charity stock in another corporation that it purchased nine months earlier. The corporation's basis in the stock is
A corporation donates to a qualified public charity stock in another corporation that it purchased nine months earlier. The corporation's basis in the stock is $10,000, and at the time of the donation to the public charity the stock was worth $18,000. The corporation's taxable income for the year (excluding the charitable contribution deduction) is $60,000. Included in this calculation is a $5,000 dividends received deduction and $1,000 domestic production activities deduction. The corporation's charitable contribution carryover equals: | |
Answers: | a. |
$3,400 | |
b. | |
$11,400.00 | |
c. | |
$4,000 | |
d. | |
$12,000 | |
e. | |
$0.00 Please provide details. |
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