During the Current Year, Owl Corporation (A C Corporation), a Retailer

question 76

Multiple Choice

During the current year, Owl Corporation (a C corporation) , a retailer of children's apparel, made the following donations to qualified charitable organizations. $\begin{array}{lcc}&\underline{\text { Adjusted Basis}}& \underline{\text { Fair Market Value }}\\ \text {Children's clothing held as inventory, to } &\\ \text { Haven for Hope } &\$10,000&\$15,000\\\\ \text { Stock in Exxon Corporation acquired two } &\\ \text { years ago and held as an investment, to City } &5,000&3,000\\ \text { University} &\\\\ \text { Land acquired four years ago and held as an } &50,000&75,000\\ \text { investment, to Humane Society} &\\\end{array}$

? How much qualifies for the charitable contribution deduction (ignoring the taxable income limitation) ?

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Definitions:

Automatic Withdrawal

A banking process where funds are automatically taken from a bank account to fulfill a financial commitment.

Book Balance

The amount of money shown in a company's financial records, excluding any pending transactions.

Bank Cash

The amount of cash that a bank has in its vaults and with the central bank; also a term used to describe readily available funds.

Float

The total number of shares publicly available for trading in the stock market, excluding those held by insiders, the company, or other restricted entities.