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Question: In year 1 (the current year), LAA Inc. made a charitable donation of $115,500 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $590,000, which included a $115,500 charitable contribution deduction (before limitation), a $74,000 dividends received deduction, a $29,300 domestic production activities deduction, and a $13,500 net operating loss carryover from year O What is LAA Inc.'s charitable contribution deduction for year 1?

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Accounting Basics, Accounting

Category:- Accounting Basics
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