In year 6, Garland Corp. contributed $40,000 to a qualified charitable organization. Garland's year 6 taxable income before the deduction for charitable contributions was $410,000. Included in that amount is a $20,000 dividends received deduction. Garland also had carryover contributions of $5,000 from the prior year. In year 6, what amount can Garland deduct as charitable contributions? a.$40,000 b.$41,000 c.$43,000 d.$45,000
In year 6, Garland Corp. contributed $40,000 to a qualified charitable organization. Garland's year 6 taxable income before the deduction for charitable contributions was $410,000. Included in that amount is a $20,000 dividends received deduction. Garland also had carryover contributions of $5,000 from the prior year. In year 6, what amount can Garland deduct as charitable contributions? a.$40,000 b.$41,000 c.$43,000 d.$45,000
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 65IIP
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Question
Becker CPA Review 17-3
In year 6, Garland Corp. contributed $40,000 to a qualified charitable organization. Garland's year 6 taxable income before the deduction for charitable contributions was $410,000. Included in that amount is a $20,000 dividends received deduction. Garland also had carryover contributions of $5,000 from the prior year. In year 6, what amount can Garland deduct as charitable contributions?
a.$40,000
b.$41,000
c.$43,000
d.$45,000
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ISBN:
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Author:
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