E-Mail : support@onlinemathsguru.com
Elaine contributed some inventory from her sole proprietorship to a public charity for its use. On the date of the contribution, Elaine’s basis in the inventory was $10,000 and the fair market value was $15,000. What is the amount of charitable contribution allowed (before considering any potential percentage limitation)?
a.$15,000
b.$10,000
c.$5,000
d.$0