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Armando contributed some inventory from his sole proprietorship to a public charity for its use. On the date of the contribution, Armando's basis in the inventory $2,000 and the fair market value was $5,000. What is the amount of charitable contribution allowed (before considering any potential percentage limitation)?

a. $0

b. $2,000

c. $3,000

d. $5,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9411091

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