What is the result of doolarie donation to charity


Question: Doolarie assigned her whole life policy to her favorite charity. At that time the CSV of the policy was $60,000 and her ACB was $40,000. What is the result of Doolarie's donation to her charity? a. She has a taxable income of $20,000 only. b. She got a tax receipt for $60,000 and a reportable taxable income of $20,000 c. She got a tax receipt for $40,000 only. d. She got a tax receipt for $40,000 and a reportable taxable income of $20,000.

 

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Accounting Basics: What is the result of doolarie donation to charity
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