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orporation, corp, is engaged in the business of retalling children's apparel and makes the following donations during the year: Delivery van (ordinary income property)
orporation, corp, is engaged in the business of retalling children's apparel and makes the following donations during the year: Delivery van (ordinary income property) to local animal shelter (a qualifying charity) Adjusted Basis 15,000 FMV 13,800 a. How much qualifies for the charitable contribution deduction? b. Compute Gold's Taxable income assuming that in addition to the charitable contributions above, they had net income from operations of $100,000; interest on corporate bonds of $10,000; interest on municipal bonds of $5,000; and a LTCL of $3,000. What items and amounts will Gold have to carry over and why? Assume that Gold is not eligible for the domestic production activities deduction.
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