Pace corp donates the following property to landon

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Reference no: EM13609343

Pace Corp. donates the following property to Landon Elementary School: A car with an adjusted basis of $15,000; current FMV is $18,000. Computer equipment built one year ago at a cost of $1,700 with $4,500 FMV on the contribution date. (Pace manufactures and sells computer equipment.) The school plans to sell the car in an auction and use the proceeds to renovate classrooms to be used as computer laboratories. The computer equipment will be placed in these new classrooms and will be available for students to use for learning and class work. What is the total of Pace Corp.'s charitable contributions for the year, before any taxable income limitations?

Reference no: EM13609343

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