Problem 5-32 (LO. 6) Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Adjusted Basis Fair Market Value A painting held four years as an investment, to a church, which sold it immediately Apple stock held two years as an investment, to United Way, which sold it immediately Determine the amount of Aquamarine Corporation's charitable deduction for the current year. (Ignore the taxable income limitation.) $15,000 $25,000 40,000 90,000 Painting: The amount of the contribution is basis Stock: The amount of the contribution is fair market value Therefore, the total charitable deduction is $ Fourthank