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pshichka [43]
3 years ago
7

Carly donated inventory (ordinary income property) to a church. She purchased the inventory last month for $100,000, and on the

date of the gift, it had a fair market value of $92,000. What is her maximum charitable contribution deduction for the year related to this inventory if her AGI is $200,000?
Business
1 answer:
MissTica3 years ago
8 0

Answer:

$92,00

Explanation:

Base on the scenario been described in the question which we saw how Carly donated an to the church, when she purchased the gift, it was $100,000 but when she is to present the gift to the church, the fair market value became $92,000 which is her maximum charitable contribution deduction

the charitable deduction for ordinary income property is the lesser of fmv or basis limited to 50% of AGI

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Answer:

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