Remsco, a C-Corporation, has taxable income of $60,000 before any limitations. Included in taxable income is a $10,000 charitable contribution. Remsco has no DRD, NOLS, or capital losses factoring into its taxable income. What is Remsco's current-year charitable contribution deduction? a) $7,000 current-year deduction O b) $10,000 current-year deduction c) $6,000 current-year deduction
Remsco, a C-Corporation, has taxable income of $60,000 before any limitations. Included in taxable income is a $10,000 charitable contribution. Remsco has no DRD, NOLS, or capital losses factoring into its taxable income. What is Remsco's current-year charitable contribution deduction? a) $7,000 current-year deduction O b) $10,000 current-year deduction c) $6,000 current-year deduction
Chapter19: Corporations: Distributions Not In Complete Liquidation
Section: Chapter Questions
Problem 33P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT