Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 02 Jun 2017 My Price 14.00

Computer equipment built one year ago

Blue Corporation donates the following property to Johnson Elementary School:

 

%u2022 XYZ Corporation stock purchased two years ago for $25,000. The stock has a

$19,000 FMV on the contribution date.

 

%u2022 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.

 

%u2022 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%u2019s taxable income before any charitable contribution deduction,

dividends-received deduction, or NOL or capital loss carryback is $400,000.

 

a. What is Blue%u2019s charitable contributions deduction for the current year?

b. What is Blue%u2019s charitable contribution carryback or carryover (if any)? In what years

can it be used?

c. What would have been a better tax plan concerning the XYZ stock donation?

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Jun 2017 11:06 PM My Price 14.00

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