contestada

What is the amount of Maple Corp.'s charitable contribution deduction for the painting (assuming income limitations do not apply)

Respuesta :

jepessoa

Answer:

The first part of the question is missing, so I looked for similar questions:

Maple Corp. owns several pieces of highly valued paintings that are on display in the corporation's headquarters. This year, it donated one of the paintings valued at $100,000 (adjusted basis of $25,000) to a local museum for the museum to display.

Maple Corp. can deduct $100,00 as charitable contribution.

When a corporation or an individual donates art work to a qualifying charity, they can deduct the fair market value of the art work if:

  1. they have owned the art work for at least 1 year prior to the donation
  2. the charity must use the art work in a manner directly related to its regular activities and mission
  3. the charity must hold the art work for at least 3 years after you donated it
  4. the IRS must classify the company or individual as an investor or art collector, e.g. artists cannot deduct donations of their own art

Otras preguntas