Which of the following statements is not correct with respect to contributions to a private not-for-profit?
A. Contributions to a not-for-profit are recorded at fair market value at the date the pledge is made.
B. Revenues, including contributions are considered to be unrestricted unless donor-imposed restrictions apply.
C. Contributions of assets other than cash to a not-for-profit are recorded at the donor's basis.
D. Contributions to a not-for-profit may be restricted as to purpose or time or for plant acquisition.
Answer: C
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