Which of the Following Donations Does Not Qualify as a Charitable

question 15

Multiple Choice

Which of the following donations does not qualify as a charitable contribution for federal tax purposes?

• A)$50 cash given to a homeless panhandler
• B)Used furniture valued at $300 given to the Salvation Army
• C)$3,000 cash given to the University of Georgia
• D)$600 cash given to the Boy Scouts of America

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Definitions:

Interest

The charge for borrowing money or the return on investment of saved funds.

Months

Units of time, each approximately 30-31 days long, used to measure durations and periods in the calendar year.

Deposit

A quantity of funds saved or stored in a banking account, often for the purpose of accruing interest.

Interest

The cost of borrowing money or the payment received for depositing money, usually expressed as a percentage of the principal over a period of one year.