A Charitable Contribution Deduction Is Allowed for the FMV of Services

question 101

True/False

A charitable contribution deduction is allowed for the FMV of services rendered to a qualified charitable organization.

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Definitions:

Agar

Agar is a gelatinous substance derived from red algae that is used as a growth medium in microbiological work, as well as a thickener in food products.

Red Algae

Marine photosynthetic protists with a notable abundance of phycobilin pigments; includes coralline algae of coral reefs.

Protozoans

Diverse group of unicellular eukaryotic organisms, often considered as "animal-like" protists, that inhabit water or soil.

Heterotrophic

Heterotrophic organisms are those that obtain their food and energy by consuming other organisms or organic matter because they cannot synthesize their own food.