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QUESTION
During the current year, Aloha Corporation, a pharmaceutical manufacturer, donates some of its inventory to the American Red Cross who intends to use...
During the current year, Aloha Corporation, a pharmaceutical manufacturer, donates some of its inventory to the American Red Cross who intends to use the medication for the care of the needy and ill. At the time of the contribution, the FMV of the inventory is $75,000. Alohas basis in the inventory is $50,000. What is the amount of Alohas contribution to the American Red Cross?
