Arizona State University Mimis Grocery Chain of Stores Inc Tax Memorandum

I’m trying to learn for my Accounting class and I’m stuck. Can you help?

Mimi’s Grocery Chain of Stores, Inc. (“Mimi’s Grocery Chain of Stores”) is a C corporation. Mimi’s

Grocery Chain of Stores is a calendar year taxpayer. Mimi’s Grocery Chain of Stores operates a chain of

grocery stores. Mimi’s Grocery Chain of Stores is very profitable, especially during the pandemic.

However, senior leadership recognizes that many customers in the areas where they operate have lost

their jobs and/or suffered a loss of income. Mimi’s Grocery Chain of Stores has decided to donate food

to local organizations to assist people who are suffering from food scarcity. The local organizations are

tax exempt organizations and are food banks. The food to be donated is all within the expiry dates of

the food items and consist of fresh fruit and vegetables, canned goods (some canned goods my be

dented cans) and baked goods. All the food to be donated would be edible food.

Mimi’s Grocery Chain of Stores would like to understand the amount of the income tax deduction that

may be allowed for these donations (in tax parlance these are often referred to as charitable

contributions). Mimi’s Grocery Chain of Stores has not provided the basis and fair market value of the

goods so you may want to explain the difference where the basis is $100 and FMV is $110 vs basis is

$100 and FMV is $210. You can safely assume the donations for the year will exceed $500,000.

When researching you may want to consider the following (and please note this is not an exhaustive list

just a guide to help you get started):

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