contributions:Brown Corp. is a calendar year, accrual method taxpayer. During 20 II, Brown made three charitable contributions: DoneeProperty DonatedFMV ofProoertyOhio State UniversityCastle Corp. Stock$0,000Red CrossCash5,000Girl ScoutsPledge to pay cash25,000Brown purchased the Castle Corp. stock three years ago for $25,000. Brown owns a 30% interest in Castle which it accounts for under GAAP using the equity method of accounting. The current carrying value for the Castle stock for book purposes is $47,300. Brown will pay the pledge to the Girl Scouts by check on March 3,2012 just prior to filing its 1120 for the year 20 II. This pledge and its payment on March 3 were approved by the company's board of directors. Brown's taxable income for the current year before the charitable contributions deduction, dividends-received deduction, NOL deduction, and U.S. production activities deduction is $600,000. Your tax manager has asked you to prepare a memorandum explaining how these transactions are to be treated for both A.) tax purposes and 8.) for financial accounting purposes.
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