In the Current Year, Crow Corporation, a C Corporation, Donated

question 130

True/False

In the current year, Crow Corporation, a C corporation, donated scientific property (basis of $30,000, fair market value of $50,000) to State University, a qualified charitable organization, to be used in research. Crow had held the property for four months as inventory. Crow Corporation may deduct $50,000 for the charitable contribution (ignoring the taxable income limitation).

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Definitions:

Corporate Social Responsibility

The concept that businesses should be actively concerned with the welfare of society at large, not just their own interests.

Accountable

Being responsible for one's actions or decisions, often involving the obligation to report, explain, or justify something; making individuals or organizations answerable for outcomes.

Social Responsibility Strategy

Involves an organization's actions and policies designed to have a positive impact on society, encompassing everything from philanthropy to environmental conservation and labor practices.

Toyota

A multinational automotive manufacturer headquartered in Japan, known for its innovative production methods and quality vehicles.