Carl Purchased a Machine for Use in His Trade or Business

question 43

Multiple Choice

Carl purchased a machine for use in his trade or business two years ago for $30,000.During the current year,Carl donates the machine to the local community college.At the time of the contribution,the machine's adjusted basis is $10,000 and its FMV is $15,000.Carl's AGI for the year is $48,000.What is the amount of his charitable contribution deduction?

• A)$10,000
• B)$14,000
• C)$15,000
• D)$25,000

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Definitions:

Industrial Societies

Societies characterized by a reliance on mechanized labor to create goods, resulting in a shift from agricultural economies to manufacturing economies.

Death Rates

The number of deaths occurring in a particular population, location, or period, usually expressed per thousand or hundred thousand.

Social Cohesion

The bonds that bring people together in a society, facilitating cooperation and connectedness among its members.

Social Group

A collection of individuals who interact with each other, share similar characteristics, and collectively have a sense of unity or identity.