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 $14,000.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.
Correct Answer:
Verified
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