Amount of charitable contribution allowed


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

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Accounting Basics: Amount of charitable contribution allowed
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