Problem 20-41 (a) (LO. 3) Durant Company manufactures and sells computers. In the current year, it donates some of its inventory to a nonprofit preschool for at-risk children. The inventory donated has an adjusted basis of $75,000 and a fair market value of $160,000. a. What is the amount of the charitable contribution deduction if Durant is a sole proprietorship? 75,000 V C corporation? b. What is the amount of the charitable contribution deduction if Durant is a c. What is the amount of the charitable contribution deduction regarding a C corporation if the fair market value of the property was $250,000 (rather than $160,000)? The amount of the charitable contribution deduction would be $ 75,000 x. Feedback V Check My Work Generally, a charitable contribution deduction is allowed only for the tax year in which the payment is made. Like individuals, corporations are not permitted an unlimited charitable contribution deduction. Problem 20-41 (a) (LO. 3) Durant Company manufactures and sells computers. In the current year, it donates some of its inventory to a nonprofit preschool for at-risk children. The inventory donated has an adjusted basis of $75,000 and a fair market value of $160,000. a. What is the amount of the charitable contribution deduction if Durant is a sole proprietorship? 75,000 V C corporation? b. What is the amount of the charitable contribution deduction if Durant is a c. What is the amount of the charitable contribution deduction regarding a C corporation if the fair market value of the property was $250,000 (rather than $160,000)? The amount of the charitable contribution deduction would be $ 75,000 x. Feedback V Check My Work Generally, a charitable contribution deduction is allowed only for the tax year in which the payment is made. Like individuals, corporations are not permitted an unlimited charitable contribution deduction