Ask Question
BusinessBusiness
16 December, 23:15

2. One financial benefit of giving is that your contribution may be tax deductible.

a. True

b. False

+1
Answers (1)
  1. 16 December, 23:24
    0
    True.

    Explanation:

    One of the financial benefits of giving in the contribution can be the tax deduction. Although, there are few conditions and terms that one should keep in mind. If the contribution is made to a legitimate organization or any legitimate charitable trust, which has their names listed as the 501 (c) 3 organization, then the tax is likely to be deductible. However, if the contribution is to an unknown organization, there can be high chances of fraudulent activity coming under consideration. Therefore, one must be well aware before making any such contributions and especially when one is looking for tax deduction approaches.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “2. One financial benefit of giving is that your contribution may be tax deductible. a. True b. False ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Suppose you have just 30/60/40 liability insurance. You hit another motorist (and are at fault because you were texting) and cause $60,000 worth of damage to his 1986 Mustang. Four people were in the car. Their medical bills totaled $102,000.
Answers (1)
Phil Graves Cemetery had 63,000 shares of common stock issued and outstanding at January 1, 2021. During 2021, Graves took the following actions: June 1 Declared a 2-for-1 stock split, when the fair value of the stock was $38 per share.
Answers (1)
Changes that can increase measured total factor productivity include: A. increased expenditures on education. B. regulations requiring reductions in pollution. C. regulations requiring increases in worker safety. D.
Answers (1)
Potomac Corporation wants to sell a warehouse that it has used in its business for 10 years. Potomac is asking $450,000 for the property. The warehouse is subject to a mortgage of $125,000. If Potomac accepts Wyden Inc.
Answers (1)
How do business intelligence tools present data from a data warehouse?
Answers (1)
New Questions in Business
Blaser Corporation had $1,075,000 in invested assets, sales of $1,243,000, income from operations amounting to $216,000 and a desired minimum rate of return of 13%. The rate of return on investment for Blaser Corporation is
Answers (2)
Re-Up Enterprises has sales of $926,355, costs of goods sold of $613,500, inventory of $189,880, and accounts receivable of $78,580. How many days, on average, does it take the firm to sell its inventory assuming that all sales are on credit?
Answers (1)
Which of the following is one of the main things to consider when evaluating a business opportunity?
Answers (1)
Analyzing Accounts Receivable Changes The comparative balance sheets of Sloan Company reveal that accounts receivable (before deducting allowances) increased by $15,000 in 2013.
Answers (1)
The balance in the Accounts Receivable account decreased from $18,000 at the beginning of the month to $15,000 at the end of the month. Sales on account during the month totaled $130,000.
Answers (1)
Home » Business » 2. One financial benefit of giving is that your contribution may be tax deductible. a. True b. False
Sign Up Forgot Password?