Determine the amount of charitable contribution allowed for the current year assuming Guy Gallworthy has adjusted gross income of $30,000 and gave inventory costing $2,000 but worth $2,500 to a public charity.
A) $2,500
B) $2,300
C) $2,000
D) $0
E) None of the above

Question

Quizplus · Accepted Answer

Inventory is ordinary income property and limited to basis in the charitable contribution computation.

Determine the Amount of Charitable Contribution Allowed for the Current