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During the current year sgg corp contributed to charity

Question: During the current year, SGG Corp contributed to charity $10,000 cash and marketable securities with a fair market value of $50,000 and a tax basis of $35,000.

Required: 1. Calculate SGG's current contribution deduction and final taxable income before contribution is:

a. $1 million

b. $ 500,000

2. How would your answers to question 1 change if the contributed property were inventory rather than securities?

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Finance Basics: During the current year sgg corp contributed to charity

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