Grocer services corporation a calendar year taxpayer a


Problem - Grocer Services Corporation (a calendar year taxpayer), a wholesale distributor of food, made the following donations to qualified charitable organizations during the year:

Food (held as inventory)donated to the Ohio Adjusted Basis Fair Market Value Children's Shelter $3,500 $8,000

Passenger van to Ohio Children's Shelter, to be used to transport children to school. 7,500 7,100

Stock in Acme Corporation acquired 7 months ago and held as an investment, donated to Southwest University 4,000 6,200

How much qualifies for the charitable deduction?

a. $15,000

b. 16,850

c. $17,250

d. $19,450

e. None of the above

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Accounting Basics: Grocer services corporation a calendar year taxpayer a
Reference No:- TGS02570607

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