Pink Corporation donates the following property to Thomson Elementary School: (Click the icon to view the property.) The school will sell the stock and use the proceeds to renovate a classroom to be used as a computer laboratory. Pink's taxable income before any charitable contributions deduction or dividends-received deduction is $480,000, Read the requirements. Requirement a. What is Pink's charitable contributions deduction for the current year? Property XYZ Stock ABC Stock PQR Stock Basis FMV Allowable deduction More Info XYZ Corporation stock purchased two years ago for $24,000. The stock has a $22,000 FMV on the contribution date. ABC Corporation stock purchased three years ago for $3,250. The stock has a $15,000 FMV on the contribution date. PQR Corporation stock purchased six months ago for $14,000. The stock has a $21,000 FMV on the contribution date. Print Done Pink Corporation donates the following property to Thomson Elementary School: (Click the icon to view the property.) The school will sell the stock and use the proceeds to renovate a classroom to be used as a computer laboratory. Pink's taxable income before any charitable contributions deduction or dividends-received deduction is $480,000. Read the requirements. Requirement a. What is Pink's charitable contributions deduction for the current year? Property XYZ Stock ABC Stock PQR Stock Basis FMV Allowable deduction Requirements a. What is Pink's charitable contributions deduction for the current year? b. What is Pink's charitable contribution carryover (if any)? In what years can it be used? C. What would have been a better tax plan concerning the XYZ stock donation? Print Done