On December 27,2013,the board of directors of Taupe Corporation,a calendar year,accrual method C corporation,authorized a contribution of land to a qualified charitable organization.The land (basis of $75,000,fair market value of $125,000)was acquired five years ago and held as an investment.For purposes of the taxable income limitation applicable to charitable deductions,Taupe has taxable income of $800,000 and $950,000 for 2013 and 2014,respectively.Describe the tax consequences to Taupe Corporation under the following independent situations.
In general,charitable contributions are deductible in the year made.However,in the case of an accrual method corporation,a deduction can be claimed in the current year for a charitable contribution made in the subsequent year if (1)the contribution is approved by the board of directors of the corporation in the current year,and (2)the contribution is made on or before the fifteenth day of the third month of the subsequent year.The land is capital gain property; thus,the amount of the charitable contribution is the land's fair market value of $125,000.

Question

On December 27,2013,the board of directors of Taupe Corporation,a calendar year,accrual method C corporation,authorized a contribution of land to a qualified charitable organization.The land (basis of $75,000,fair market value of $125,000)was acquired five years ago and held as an investment.For purposes of the taxable income limitation applicable to charitable deductions,Taupe has taxable income of $800,000 and $950,000 for 2013 and 2014,respectively.Describe the tax consequences to Taupe Corporation under the following independent situations.
  In general,charitable contributions are deductible in the year made.However,in the case of an accrual method corporation,a deduction can be claimed in the current year for a charitable contribution made in the subsequent year if (1)the contribution is approved by the board of directors of the corporation in the current year,and (2)the contribution is made on or before the fifteenth day of the third month of the subsequent year.The land is capital gain property; thus,the amount of the charitable contribution is the land's fair market value of $125,000.

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The Answer of On December 27,2013,the board of directors of Taupe Corporation,a calendar year,accrual method C corporation,authorized a contribution of land to a qualified charitable organization.The land (basis of $75,000,fair market value of $125,000)was acquired five years ago and held as an investment.For purposes of the taxable income limitation applicable to charitable deductions,Taupe has taxable income of $800,000 and $950,000 for 2013 and 2014,respectively.Describe the tax consequences to Taupe Corporation under the following independent situations.
  In general,charitable contributions are deductible in the year made.However,in the case of an accrual method corporation,a deduction can be claimed in the current year for a charitable contribution made in the subsequent year if (1)the contribution is approved by the board of directors of the corporation in the current year,and (2)the contribution is made on or before the fifteenth day of the third month of the subsequent year.The land is capital gain property; thus,the amount of the charitable contribution is the land's fair market value of $125,000.

On December 27,2013,the Board of Directors of Taupe Corporation,a Calendar