Question 1 Joker Enterprizes, Inc., is a calendar year corporation. One of its d

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Question 1

Joker Enterprizes, Inc., is a calendar year corporation. One of its divisions manufactures humorous (at least to him) criminal devices for use by villains in committing spectacular crimes. This Christmas, the corporation donated 60 assorted to a local shelter for the children of super-villains who are temporarily absent due to convictions (a qualified charitable organization). The shelter will use the devices for the education and training of the next generation of villain. The corporation's manufacturing cost basis in the devices is $35,000. Their FMV is $120,000. What amount of charitable deduction can Joker claim this year for the contribution (ignoring the taxable income limitation)?

A 70,000

B35000

C 85000

D 120000

E 77500

Explanation / Answer

B 35000

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