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 $15,720 41,265 4,500 $26,200 91,700 7,500 Apple stock held two years as an investment, to United Way, which sold it immediately Canned groceries held one month as inventory, to Catholic Meals for the Poor 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 limited to basis Stock: The amount of the contribution is fair market value Groceries: The amount of the contribution is basis plus 50% of the appreciation on the property Therefore, the total charitable contribution is