Identify which of the following statements is true.
A)"Ordinary income property" with regard to the charitable contribution deduction does not include property whose sale would have produced a short-term capital gain.
B)The Twilight Corporation purchases inventory for $5,000. Its FMV on the date it is donated to the Blue-Gray Hospital for the care of the needy is $13,000. The maximum charitable contribution deduction available for the donation is $9,000.
C)Corporations' charitable deductions are limited to 20% of their adjusted taxable income.
D)All of the above are false.

Question

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The Answer of Identify which of the following statements is true.
A)"Ordinary income property" with regard to the charitable contribution deduction does not include property whose sale would have produced a short-term capital gain.
B)The Twilight Corporation purchases inventory for $5,000. Its FMV on the date it is donated to the Blue-Gray Hospital for the care of the needy is $13,000. The maximum charitable contribution deduction available for the donation is $9,000.
C)Corporations' charitable deductions are limited to 20% of their adjusted taxable income.
D)All of the above are false.

Identify Which of the Following Statements Is True