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- Identify which of the following statements is true. Select one: a. Charitable contributions of tangible personal property are always equal to its fair market value plus one-half of its basis. b. The Bella Corporation purchases inventory for $5,000. Its FMV on the date it is donated to the Civic Hospital for the care of the needy is $14,000. The maximum charitable contribution deduction available for the donation is $2,000. c. Corporations' charitable deductions are limited to 20% of their adjusted taxable income. d. All of the above are false.Corporation Compute the amount of charitable contribution deduction for the current year for the following taxpayers. Ignore any percentage limitations. a. Pritizo Corporation owns inventory with a basis of $30,000 and a fair market value of $24,000. A charitable contribution of the Inventory results in a deduction of $S b. During the current year, Lasso Corporation donates a capital asset to Midlands College. Lasso acquired the asset three years ago for $18,000, and the fair market value on the date of the contribution is $32,000. The corporation's charitable contribution deduction is c. Nate Corporation donates a sculpture worth $130,000 to a local museum (a qualified organization), which exhibits the sculpture. Nate had acquired the sculpture in 2005 for $55,000. Nate is allowed to deduct $ Previous Subm Emtal thsfreuctar