During the current year, Codding Corporation, a C corporation in the financial services business, made...
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During the current year, Codding Corporation, a C corporation in the financial services business, made charitable contributions to qualified organizations as follows: Stock basis of $ fair market value of $ in Drab Corporation, held for six months as an investment, to the Salvation Army. Salvation Army plans on selling the stock. Painting basis of $ fair market value of $ held for four years as an investment, to the Museum of Fine Arts. The Museum plans on including the painting in its collection. Codding Corporations taxable income before any charitable contribution deduction is $ million. a What is the total amount of Coddings charitable contributions for the year? b What is the amount of Coddings charitable contribution deduction in the current year, and what happens to any excess charitable contribution, if any?
During the current year, Codding Corporation, a C corporation in the financial services business, made charitable contributions to qualified organizations as follows:
Stock basis of $ fair market value of $ in Drab Corporation, held for six months as an investment, to the Salvation Army. Salvation Army plans on selling the stock.
Painting basis of $ fair market value of $ held for four years as an investment, to the Museum of Fine Arts. The Museum plans on including the painting in its collection.
Codding Corporations taxable income before any charitable contribution deduction is $ million.
a What is the total amount of Coddings charitable contributions for the year?
b What is the amount of Coddings charitable contribution deduction in the current year, and what happens to any excess charitable contribution, if any?
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