Problem
Kindred Corp. is an accrual-basis, calendar-year C corporation. On November 30, it contributed a painting to the local museum for it to add to its collection. The company had purchased the artwork fifteen years earlier for investment purposes and paid $7,000. Its value at contribution was $11,000. On December 17, Kindred's Board of Directors authorized a $6,000 charitable contribution, which it made on March 22 of next year. On December 22, it contributed stock of 123 Company, which it had purchased eleven months earlier for $7,000. The current fair market value of the 123 stock was $12,000. Assuming sufficiently high taxable income, what is Kindred's maximum allowable charitable contribution deduction this year?