27 QUESTION 3 In the current year, the Deluxe Corporation donated a painting worth $400,000 to the University of Louisville, College of Business (a qualified pubic charity). The College displayed the painting in the Dean's office. Deluxe Corporation purchased the painting three years ago for $15,000 Deluxe is in the business of manufacturing and distributing peanut butter. What is Deluxe's charitable contribution deduction ignore taxable income limitations). a $400,000 b. $15,000 c. $207,500 d. Zero e. None of the above. QUESTION 4 2 pol Dalia, who sells office equipment, and two of her friends form Preston Corporation under $351. Dalia contributes inventory, eg, desks and filing cabinets, in return for Preston stock. Dalia owned the inventory for more than one year prior to transferring it to Preston Preston's holding period for the inventory and Dalia's holding period in Preston stock a. Includes Dalia's holding period in the inventory, does not include Dalia's holding period in the inventory Ob, does not include Dalia's holding period in the inventory, includes Dalia's holding period in the inventory c. includes Dalia's holding period in the inventory, includes Dalia's holding period in the inventory d. does not include Dalia's holding period in the inventory, does not include Dalia's holding period in the inventory