Bay's separate taxable income was $250,000, and Lemon's was $140,000. Consolidated taxable income before contributions was $350,000. Charitable contributions made by the affiliated group included $11,000 by Bay and $12,000 by Lemon. Which is the group's charitable contribution deduction? $39,000 $35,000 $23,000 $0 None of the above

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
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Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 3BCRQ
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Bay's separate taxable income was $250,000, and Lemon's was $140,000. Consolidated taxable income before contributions was $350,000. Charitable contributions made by the affiliated group included $11,000 by Bay and $12,000 by Lemon. Which is the group's charitable contribution deduction?

  1. $39,000
  2. $35,000
  3. $23,000
  4. $0
  5. None of the above
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