How much is corporations charitable contribution deduction, Ask an Expert

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?

a. $14,600.
b. $21,000.
c. $26,000.
d. $30,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M952070

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