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Question: In year l (the current year), MLK Inc. made a charitable donation of $100,000 to the Bowie State University (a qualifying charity). For the year, MLK reported taxable income of $550,000 which included a $100,000 charitable contribution deduction (before limitation), a $50,000 dividends received deduction, a $20,000 domestic production activities deduction, and a $10,000 net operating loss carryover from year 0. What is MLK Inc.'s charitable contribution deduction for year l?

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Accounting Basics, Accounting

Category:- Accounting Basics
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