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Business, 18.05.2021 19:10 screen7866

Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Adjusted Basis Fair Market Value Painting held four years as an investment, to a church, which sold it immediately $21,120 $35,200 Apple stock held two years as an investment, to United Way, which sold it immediately 55,440 123,200 Canned groceries held one month as inventory, to Catholic Meals for the Poor 7,140 11,900 Determine the amount of Aquamarine Corporation's charitable deduction for the current year. (Ignore the taxable income limitation.) Painting: The amount of the contribution is basis . Stock: The amount of the contribution is fair market value . Groceries: The amount of the contribution is basis plus 50% of the appreciation on the property . Therefore, the total charitable contribution is $fill in the blank 4 .

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