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7. Hyde Park Grocery, Inc., a C corporation with high taxable income, donates some of its inventory to the Local Food Bank (a charitable organization) which distributes food to the needy. At the time of the contribution, the FMV of the inventory was $20,000, and Hyde Park's basis was $7,500. Hyde Park Grocery will be allowed a charitable contribution deduction of A) $20,000. B) $12,000. C) $16,000. D) $15,000. 8. Paul is a 50% shareholder in an S corporation. In the current year, he is reporting $10,000 of salary, $5,000 of interest income, $100,000 of qualified business income from the S corporation and $10,000 of long-term capital gain. Paul's taxable income before the qualified business income deduction is $100,000. Paul will be allowed a QBI deduction of A) $20,000. B) $4,000. C) $11,000. D) $18,000