If tangible personal property is donated to a public charity and is used by the charity for
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Question:
If tangible personal property is donated to a public charity and is used by the charity for purposes unrelated to the charity's purposes, or if the property consists of certain intangibles, the amount of the contribution equals
A. original cost of the property
B. FMV of the property reduced by the gain that would be recognized if the property were sold at its FMV
C. FMV of the property increased by the gain that would be recognized if the property were sold at its FM.
D. FMV
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
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