Calculate the Charity Deduction for a Corporation given the following: Donated a painting held (held...
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Calculate the Charity Deduction for a Corporation given the following:
Donated a painting held (held for six years) as an investment to a museum which displayed the painting:
Basis $180,000
FMV: $75,000
Donated equipment held (held for two years) to a a school which used the equipment in its mission:
Basis $90,000
FMV: $75,000
IBM stock held as an investment for 6 months to United Way which sold it immediately:
Basis: $550,000
FMV: $600,000
Which of the above is tangible personal property?
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