Problem
This year, Fliedermaus Corporation (a C corporation), a retailer of costume apparel, made the following donations to qualified charitable organizations.
|
|
Adjusted Basis
|
Fair Market Value
|
|
Bat costumes held as inventory, to Home for Indigent Superheroes
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$10,000
|
$15,000
|
|
Stock in LexCorp acquired two years ago and held as an investment, to Gotham University
|
5,000
|
3,000
|
|
Land acquired four years ago and held as an investment, to Tompkins Medical Clinic
|
50,000
|
75,000
|
How much qualifies for the charitable contribution deduction? Disregarding the 10% limitation.
a. $63,000
b. $65,000
c. $90,500
d. $92,500
e. None of the above.