Carly Donated Inventory (Ordinary Income Property) to a Church

question 69

Multiple Choice

Carly donated inventory (ordinary income property) to a church. She purchased the inventory last month for $100,000, and on the date of the gift, it had a fair market value of $92,000. What is her maximum charitable contribution deduction for the year related to this inventory if her AGI is $200,000?

• A) $100,000.
• B) $92,000.
• C) $60,000.
• D) $46,000 if the church sells the inventory.
• E) None of the choices are correct.

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Definitions:

SST

Sum of Squares Total, a measure in statistics that quantifies the total variation within a dataset.

SSE

Sum of Squared Errors, a measure used in statistics to describe the amount by which the observed values differ from the values predicted by a model.

Test Statistic

A value calculated from sample data during a hypothesis test used to determine whether to reject the null hypothesis.

Sum Of Squares

The total squared deviation of each observation from the overall mean, used in statistics to measure variation within a dataset.