To Qualify for the Charitable Deduction, a Gift Cannot Be

question 8

Multiple Choice

To qualify for the charitable deduction, a gift cannot be made to a(n) :

• A)Private school
• B)Religious charity
• C)Individual
• D)Library

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Definitions:

Bonds Payable

Long-term debt securities issued by a corporation or government entity, promising to pay the holder a specified amount of interest over a specified period and to repay the principal at maturity.

Net Cash

The amount of cash after subtracting cash outflows from cash inflows.

Statement of Cash Flows

A financial statement that provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investment sources, as well as all cash outflows that pay for business activities and investments during a given period.

Noncurrent Asset

Long-term assets that are not expected to be converted into cash or used up within one year or the operating cycle, such as buildings or equipment.