AJAX owns land for business use that has an adjusted basis o…

AJAX owns land for business use that has an adjusted basis of $60,000. AJAX exchanged this parcel of land for some new land that had fair market value of $80,000, and $5,000 cash received in the exchange. This exchange qualifies for like-kind exchange treatment. Determine the amount of AJAX’s deferred gain, if any.

In the current year, Nash Corporation donated $250,000 cash…

In the current year, Nash Corporation donated $250,000 cash to a qualifying charity. For the year, Nash had current year taxable income of $1,980,000 before deducting the donation and a NOL carryover from last year in the amount of $25,000. What amount of the donation is Nash allowed to deduct in the current year?