Computer equipment built one year ago at a cost of 16000

Assignment Help Accounting Basics

Reference no: EM13582245

haritable Contributions 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 FMV 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 contribution deduction, dividends-received deduction, or NOL or capital loss carryback is $400,000.

What is Blue's charitable contributions deduction for the current year?
What is Blue's charitable contribution carryback or carryover (if any)? In what years can it be used?
What would have been a better tax plan concerning the XYZ stock donation?

Reference no: EM13582245

Questions Cloud

Joan corp sold office equipment on january 12009 for a cash : joan corp sold office equipment on january 12009 for a cash price of 430000. the equipment had a cost of 500000 and

A factory machine was purchased for 60000 on january 1 2010 : a factory machine was purchased for 60000 on january 1 2010. it was estimated that it would have a 12000 salvage value

Webster training services wts provides instruction on the : webster training services wts provides instruction on the use of computer software for the employees of its corporate

Falcon co produces a single product its normal selling : falcon co. produces a single product. its normal selling price is 30.00 per unit. the variable costs are 19.00 per

Computer equipment built one year ago at a cost of 16000 : haritable contributions of property. blue corporation donates the following property to johnson elementary schoolbull

Buff company purchased a building for 900000 cash on : buff company purchased a building for 900000 cash on october 1 2009. the estimated life is 20 years and the salvage

Compute the expected roi in 2013 for the home division : suppan manufacturing company manufactures a variety of tools and industrial equipment. the company operates through

Lauren corporation acquired sarah inc on january 1 2009 by : lauren corporation acquired sarah inc. on january 1 2009 by issuing 13000 shares of common stock with a 10 per share

Beyonceacute corporation factors 175000 of accounts : beyonceacute corporation factors 175000 of accounts receivable with kathleen battle financing inc. on a with recourse

User Account

All Pages