Carl Purchased a Machine for Use in His Trade or Business

question 854

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

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Definitions:

Self-efficacy

An individual’s belief in their own capacity to execute behaviors necessary to produce specific performance attainments.

Collective Efficacy

The shared belief of a group in its conjoint capabilities to organize and execute the courses of action required to produce given levels of attainment.

Charismatic Leaders

Leaders who inspire enthusiasm, devotion, and strong emotional commitment in their followers through their personal charisma, vision, and communication style.

Positive Effects

Refers to beneficial outcomes or impacts that result from certain actions, policies, or circumstances.