1. Read the following problem: Coattail Corporation (CC) manufactures and sells women's and children's coats. This year, CC donated 1,000 coats to a qualified public charity. The charity distributed the coats to needy women and children throughout the region. At the time of the contribution, the fair market value of each coat was $80.
2. Post responses to the following on the discussion board (use RIA Checkpoint to guide you in your response):Determine the amount of CC's charitable contribution (disregarding any taxable income limitation) for the coats assuming CC's adjusted basis in each coat was $30.
3. Provide support, with proper citations, for your response.