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7. Curly donated inventory (ordinary income property) to a university. He purchased the inventory seven months ago for $10,000, and on the date of the
7. Curly donated inventory (ordinary income property) to a university. He purchased the inventory seven months ago for $10,000, and on the date of the gift, it had a fair market value of $2,000. What is his maximum charitable contribution deduction for this donation if his AGI is $80,000?A. $40,000.B. $2,000.C. $18,000.D. $10,000 if the church sells the inventory.E. None of the above
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Auditing And Assurance Services
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Strawser
2nd Edition
0073128244, 9780073128245
