Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current A painting held for years as an investment, to a church, which sold it immediately $15,000 40.000 10.000 $25,000 90.000 17.000 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 continuation is limited to basis The amount of the contribution is fair market value The amount of the contribution is basis plus 50% of the appreciation) on the property. Therefore, the charitable deduction is $ Generally, a charitable contribution of property results in a deduction equal to the property's fair market value at the date of the gift. As a result of this rule, a contribution of loss property (fair market value less than basis) should be avoided as the loss inherent in the property (i.e., the excess of basis over fair market value) would never be recognized. A sale of the