28. Organizational expenditures include all of the following except for

A) costs incurred when issuing stock.

B legal costs incident to the creation of the corporation.

C) expenses of organizational meetings.

D) fees paid to the state of incorporation.

29. Saleem Corporation donates inventory having an adjusted basis of $40,000 and an FMV of $150,000 to a qualified public charity. The inventory will be used by the charity to care for the ill. The maximum charitable contribution deduction before consideration of the 10% limitation is

A) $40,000.

B) $80,000.

C) $110,000.

D) $150,000.

30. COBM Corporation has taxable income of $250,000 calculated before the charitable contribution deduction and before its dividends-received deduction of $34,000. COBM makes cash contributions of $40,000 to charitable organizations. What is COBM Corporation's charitable contribution deduction for the current year?

A) $24,600

B) $28,000

C) $30,000

D) $35,000