Jenny Co. donated inventory with an adjusted basis of $50,000 and a $78,000 fair market value to a qualified public charity, which will use the inventory for the care of the ill and needy. It donates other inventory with an adjusted basis of $26,000 and a $40,000 fair market value to a qualified public charity that will not use the inventory for the care of the needy, ill, or infants (the donee is not an educational or research organization). What is Jenny Co.’s charitable deductiona. $118,000b. $97,000c. $90,000d. $75,000
Jenny Co. donated inventory with an adjusted basis of $50,000 and a $78,000 fairmarket value to a qualified public charity, which will use the inventory for the careof the ill and needy. It…