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Allison is the sole shareholder of Destiny Corporation , which operates a travel agency for...

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Accounting

Allison is the sole shareholder of Destiny Corporation , which operates a travel agency for business travelers . Allison would like the corporation to donate some used computers to a local private school dedicated to the education of young ladies. The private school is a tax-exempt organization that qualifies donors for the charitable deduction. The corporation purchased the computers two years ago for a total cost of $90,000, and for tax purposes expensed this entire amount in the year of the purchase under the first-year expensing rule of Section 179 of the Internal Revenue Code. Currently the fair market value of the computers is $40,000. Allison has asked you to determine what the corporation's tax deduction will be for this donation . The corporation's taxable income is sufficient for it deduct up to $ 50,000 in charitable contributions . Using internet sources , find the answer to her question . MEMO format !!!

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