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In year 1 (the current year), LAA Inc. made a charitable donation of $141,000 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $639,000, which included a $141,000 charitable contribution deduction (before limitation), a $57,000 dividends received deduction, a $20,100 domestic production activities deduction, and a $20,400 net operating loss carryover from year 0. What is LAA Inc.’s charitable contribution deduction for year 1?

Charitable contribution deduction ...........

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Financial Management, Finance

Category:- Financial Management
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