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Debbie , Inc made the following charitable contributions to the Red Cross in 2020. Shares of Google stock held for 5 years, fair market

Debbie, Inc made the following charitable contributions to the Red Cross in 2020. Shares of Google stock held for 5 years, fa

Debbie , Inc made the following charitable contributions to the Red Cross in 2020. Shares of Google stock held for 5 years, fair market value of $1,000,000 and a tax basis of $200,000. A machine to be used by the Red Cross, fair market value o $500,000 , tax basis of $300,000 The original cost of the machine was $700,000 and depreciation claimed was $400,000 Debbie, Inc's taxable income before the charitable contribution deduction was $20,000,000. (Debbie, Inc had no dividend received deduction or capital loss carryback deduction.) What charitable contribution deduction can Debbie, Inc claim on its 2020 tax returm? O A. $1,500,000 OB. $1,300,000 te OC. $500,000 OD. $2,000,000

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