WK 3 LT Assignment upload - Chapter3:...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 3:37 Charitable Contribtion of Property  Blue Corporation donates the following property to Johnson Elementary School: ***************************************** XYZ Corporation stock purchased two years ago for $25,000.  The stock has a $19,000 FMC on the contribution date ***************************************** Computer equipment built one year ago at a cost of $16,000.  The equipment has a $50,000 FMV on the contribution date.           Blue is not in the business of manufacturing computer equipment ***************************************** PQR Corporation stock purchased six months ago for $12,000.  The stock has an $18,000 FMV on the contribution date. The school will sell the stock and use the proceeds to renovate a classroom to be used as a computer laboratory. Blue's taxable income before any charitable contribition deduction, dividends-received deduction, or NOL or captial loss carryback is $400,000
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Ask a homework question - tutors are online