Question
Gold Corporation (a calendar year taxpayer) is engaged in the business of retailing children's apparel and makes the following donations during the year: Adjusted Basis
Gold Corporation (a calendar year taxpayer) is engaged in the business of retailing children's apparel and makes the following donations during the year:
|
Adjusted Basis | Fair Market Value |
Children's clothing (held as inventory) |
|
|
to Goodwill's "Clothes for Needy Tots" | $5,000 | $6,400 |
|
|
|
Stock in Exxon acquired six months ago and held as |
|
|
an investment to a Lutheran Church seminary | 4,000 | 4,500 |
|
|
|
Art acquired as an investment 16 months ago to SPCA (animal shelter) and SPCA sold the art 2 months later. | 5,000 | 5,800 |
What is the charitable deduction for this year for the item shown?
- Clothes ___________________________
- EXXON ___________________________
C. Art ___________________________
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