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QUESTION
A clothing manufacturing corporation donates last year's inventory to the Red Cross for use in its disaster relief efforts.
4. A clothing manufacturing corporation donates last year’s inventory to the Red Cross for use in its disaster relief efforts. The clothes have a fair market value of $200,000 and a basis to the corporation of $75,000. What is its charitable contribution deduction? (Points : 5) $200,000$150,000$137,500$75,000
A clothing manufacturing corporation donates last year’s inventory to the Red Cross for use inits disaster relief efforts. The clothes have a fair market value of $200,000 and a basis to the...