TCOs 4 and 5) Grocer Services Corporation (a calendar-year taxpayer), a wholesal
ID: 2603982 • Letter: T
Question
TCOs 4 and 5) Grocer Services Corporation (a calendar-year taxpayer), a wholesale distributor of food, made the following donations to qualified charitable organizations during the year:
Adjusted Basis
Fair Market Value
Food (held as inventory) donated to the Ohio 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 contribution deduction?
$15,000
$16,850
$17,250
$19,450
None of the above
Explanation / Answer
Food 5750 =3500+(8000-3500)/2 Passenger van 7100 Stock 4000 Charitable contribution deduction 16850 Option 2 is correct
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