During the Current Year, Owl Corporation (A C Corporation), a Retailer

question 76

Multiple Choice

During the current year, Owl Corporation (a C corporation) , a retailer of children's apparel, made the following donations to qualified charitable organizations. $\begin{array}{lcc}&\underline{\text { Adjusted Basis}}& \underline{\text { Fair Market Value }}\\ \text {Children's clothing held as inventory, to } &\\ \text { Haven for Hope } &\$10,000&\$15,000\\\\ \text { Stock in Exxon Corporation acquired two } &\\ \text { years ago and held as an investment, to City } &5,000&3,000\\ \text { University} &\\\\ \text { Land acquired four years ago and held as an } &50,000&75,000\\ \text { investment, to Humane Society} &\\\end{array}$

? How much qualifies for the charitable contribution deduction (ignoring the taxable income limitation) ?

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Definitions:

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Organizations or groups that focus on a specific field or area of expertise, providing insight or governance.

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An area or domain under the oversight of government rules or laws, often requiring specific licenses or compliance standards.

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The authority granted to governmental agencies and bodies to create rules and regulations to implement and enforce laws.

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