Green Grocery, Inc., a C corporation with high taxable income, donates some of its inventory...
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Green Grocery, Inc., a C corporation with high taxable income, donates some of its inventory to the Local Food Bank (a charitable organization) which distributes food to the needy. At the time of the contribution, the FMV of the inventory was $14,000, and Green Grocery's basis was $4,000. Green Grocery will be allowed a charitable contribution deduction of
A) $4,000.
B) $8,000.
C) $9,000.
D) $14,000.
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