Which of the following statements regarding charitable contributions is false?
A) Corporations can qualify to deduct a contribution before actually paying the contribution to the charity.
B) Charitable contribution deductions are subject to a limitation based on the corporation's taxable income (before certain deductions).
C) The amount deductible for non-cash contributions is always the adjusted basis of the property donated.
D) Only contributions made to qualified charitable organizations are deductible.

Question

Quizplus · Accepted Answer

The amount deductible for non-cash contributions is not always the adjusted basis; it can be the fair market value of the property, depending on the type of property and the circumstances of the donation.

Which of the Following Statements Regarding Charitable Contributions Is False