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1. In the current year, Oriole Corporation donated a painting worth $30,000 to the Texas Art...

1. In the current year, Oriole Corporation donated a painting worth $30,000 to the Texas Art Museum, a qualified charity. The museum included the painting in its permanent collection. Oriole Corporation purchased the painting five years ago for $10,000. Oriole’s charitable contribution deduction is $____________.

2. In the current year, Azul Corporation, a calendar year C corporation, received a dividend of $30,000 from Nara Corporation. Azul owns 25% of the Nara Corporation stock. Assuming it is not subject to the taxable income limitation, Azul’s dividends received deduction is $_____________.

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ekkarill92 answered 2 years ago
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