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Prior to her retirement, Mary Jo ran a bakery. She had purchased commercial kitchen appliances; and when she closed the bakery, she kept the appliances.
Prior to her retirement, Mary Jo ran a bakery. She had purchased commercial kitchen appliances; and when she closed the bakery, she kept the appliances. One of the convection ovens that she used in the bakery has vecently gone up substantially in value. Mary Jo purchased it for $7,000, depreciated it fully, and the fair market value of the oven is now $12,000. Mary Jo donated the oven to the local food kitchen, a qualified charity, to be used in preparing the meals that they serve to the homeless. What is Mary Jo's charitable deduction (without taking into consideration any ceiling imposed by her contribution base) for income tax purposes? $0. O $5,000. O $7,000 $12,000
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