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Accounting

Corporations had the following income and expenses during the current taxable year:

Income from operations $250,000
Expenses from operations $120,000
Dividends received (from a 70 percent-owned corporation)) $ 80,000
Cash charitable contributions $ 30,000

How much is Corporation's charitable contribution deduction for the current taxable year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M963254

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