Identify Which of the Following Statements Is True

question 59

Multiple Choice

Identify which of the following statements is true.

• A)When a corporation donates appreciated capital gain property to a charity, the amount of the contribution deduction generally equals the property's FMV.
• B)When a corporation donates appreciated capital gain property to a private nonoperating foundation, the corporation's contribution is limited to the property's FMV minus the ordinary gain that would have resulted from the property's sale.
• C)When a corporation contributes appreciated property to a charity, the charitable contribution deduction is the property's FMV or adjusted basis, depending on the election made by the taxpayer.
• D)All of the above are false.

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Definitions:

Coolidge Effect

A phenomenon seen in animals and humans, where males exhibit renewed sexual interest if introduced to new receptive females.

Oral Sex

Sexual activity involving the stimulation of the genitalia of a partner using the mouth.

Committed Relationship

A long-term partnership between individuals where there is mutual affection, trust, and support.

Opportunity Arises

The emergence of a situation or condition that makes it possible to do something or for something to happen.