Plan concerning the cpa stock donation

Question

ELP Corporation donates the following property to Page Middle School

· Computer Equipment purchased one year ago at a cost of $27,000. The equipment has a FMV of $40,000 on the date of the contribution.

· TAX Corporation stock purchased six months ago for $10,000. The stock has a FMV of $16,000 on the date of the contribution.

· CPA Corporation stock purchased five years ago for $20,000. The stock has a FMV of $15,000 on the date of the contribution.

The school will sell the stock and use the proceeds to renovate a classroom to be used as a computer laboratory. ELP's taxable income before any charitable deduction, dividends received deduction, or NOL or capital loss carryback is $500,000k.

1. What is ELP's charitable contributions deduction for the current year?
2. What is ELP's charitable contributions carryback or carryover ? In what years can it be used?
3. What would have been a better plan concerning the CPA stock donation?