In the Current Year,Oriole Corporation Donated a Painting Worth $30,000

question 89

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 5 years ago for $10,000.Oriole's charitable contribution deduction is $30,000 (ignoring the taxable income limitation).

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Definitions:

Best Characterizes

Describes the trait or quality that is most typical or representative of something.

Soap Micelle

Spherical aggregates formed by soap molecules in aqueous solution, where the hydrophobic tails are sequestered inwards and the hydrophilic heads face outward.

Exterior Surface

The outermost boundary or layer of an object, material, or geometrical space that is exposed to the environment or another medium.

Hydrophilic

Describes molecules or substances that have a strong affinity for water, often because of the presence of polar groups.