Blueboy Inc

question 60

Multiple Choice

Blueboy Inc. contributes inventory to a qualified charity for use in feeding the needy. The inventory has a $70,000 FMV and a $30,000 adjusted basis. Blueboy Inc. can take a charitable contribution deduction of

• A)$20,000.
• B)$30,000.
• C)$50,000.
• D)$60,000.

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Definitions:

Manufacturer

A business that produces goods in large numbers using machinery.

Stocking the Product

The process of keeping a product available in inventory for sale to customers.

Prescription Drugs

Medications that can only be obtained with a written order from a doctor or other authorized healthcare professional.

National TV Advertising

A promotional strategy that involves broadcasting advertisements across an entire country via television, aiming to reach a wide audience.