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JKCPA
JKCPA, CPA
Category: Tax
Satisfied Customers: 5884
Experience:  CPA with tax experience.
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Prior to a charitable gift to the Plato University of land

Resolved Question:

Prior to a charitable gift to the Plato University of land with a basis of $6,000 and a value of $13,000, All-Set, Inc. had taxable income of $50,000. If the dividends-received deduction was $80,000, the charitable contribution deduction is:

a. $5,000
b. $6,000
c. $2,925
d. $5,800
Submitted: 6 years ago.
Category: Tax
Expert:  JKCPA replied 6 years ago.
Hi Customer,

Thanks for your question.

The answer is d. $5,800.
10% x taxable income of ($50,000 + $8,000).

Hope this helps!
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