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 non-cash contributions is always the adjusted basis of the property donated.

Question

Quizplus · Accepted Answer

Depending on the nature of the property, the amount deductible for a contribution can be the fair market value of the contributed property.

Which of the Following Statements Regarding Charitable Contributions Is False