ELP Corporation donates the following property to Page Middle School Computer Eq

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.

Explanation / Answer

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