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Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your answers to nearest dollar.
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 $128,500, fair market value of $160,625) 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 $154,800, and the fair market value on the date of the contribution is $247,680. Western College plans on selling the stock. Feedback Check My Work Incorrect c. Ruby Corporation donates a sculpture held as an investment and worth $167,200 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $66,880. Feedback Check My Work Incorrect
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