Kingbird Corporation (a calendar year C corporation) reports the following income and expenses in the current year: Income from operations $200,000 Expenses from operations 140,000 Dividends received (15% ownership) 15,000 On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $9,000 in cash (not included in any of the above items). Determine Kingbird's charitable contribution deduction for the year. a.$6,525 b.$6,750 c.$7,500 d.$9,000
Kingbird Corporation (a calendar year C corporation) reports the following income and expenses in the current year: Income from operations $200,000 Expenses from operations 140,000 Dividends received (15% ownership) 15,000 On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $9,000 in cash (not included in any of the above items). Determine Kingbird's charitable contribution deduction for the year. a.$6,525 b.$6,750 c.$7,500 d.$9,000
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 40P
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Kingbird Corporation (a calendar year C corporation) reports the following income and expenses in the current year:
On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $9,000 in cash (not included in any of the above items). Determine Kingbird's charitable contribution deduction for the year.
Income from operations | $200,000 |
Expenses from operations | 140,000 |
Dividends received (15% ownership) | 15,000 |
On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $9,000 in cash (not included in any of the above items). Determine Kingbird's charitable contribution deduction for the year.
a.$6,525
b.$6,750
c.$7,500
d.$9,000
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