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

Question

Quizplus · Accepted Answer

The amount deductible for noncash contributions is not always the adjusted basis of the property donated. It depends on the type of property donated and whether the organization receiving the donation is using it in a way related to its charitable purpose. Some noncash donations may require a qualified appraisal to determine their value.

Which of the Following Statements Regarding Charitable Contributions Is False