WK 3 LT Assignment upload -...

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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
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