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ABC Corporation made cash contributions of $35,000 to charitable organizations in 2012. ABC Corporation had taxable income of $280,000 without taking into account its charitable contributions for the taxable year ended December 31, 2012, but after deducting a dividends-received deduction of $34,000. What amount, if any, can ABC Corporation deduct as charitable contributions for 2012?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947199

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