Question
Long, a C corporation with taxable income of $150,000, donated food to the local food bank. The food has an adjusted basis of $20,000. At
Long, a C corporation with taxable income of $150,000, donated food to the local food bank. The food has an adjusted basis of $20,000. At the time of the donation, the food had an FMV of $30,000. What is Long's deduction for its contribution?
- A.
- $10,000
- B.
- $25,000
- C.
- $30,000
- D.
- $15,000
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Payroll Accounting
Authors: Bernard J. Bieg, Judith Toland
21st Edition
1111531056, 978-1111531058
