Blue corporation donates the following property to johnson, Ask an Expert

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Blue Corporation donates the following property to Johnson Elementary School: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.

a. What is Blue's charitable contributions deduction for the current year?

b. What is Blue's 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?

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Accounting Basics, Accounting

Category:- Accounting Basics
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