In the Current Year, Oriole Corporation Donated a Painting Worth

question 123

True/False

In the current year, Oriole Corporation donated a painting worth $30,000 to the Texas Art Museum, a qualified public charity. The museum included the painting in its permanent collection. Oriole Corporation purchased the painting five years ago for $10,000. Oriole's charitable contribution deduction is $30,000 (ignoring the taxable income limitation).

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Definitions:

Time-Saving Technologies

Refers to tools, software, and devices designed to increase efficiency and productivity, thereby reducing the amount of time needed to complete tasks.

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The act of allocating resources, usually money, in the expectation of generating an income or profit.

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A grassroots Republican movement that emerged in 2009 named for the Boston Tea Party of the 1770s. The Tea Party opposed the Obama administration’s sweeping legislative enactments and advocated for a more stringent immigration policy.

Fourteenth Amendment

1868 constitutional amendment that guaranteed rights of citizenship to former slaves, in words similar to those of the Civil Rights Act of 1866.