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Accounting

Omega Corporation reports the following results for the current year:

Gross profits on sales $120,000

Dividends from less-than-20%-owned domestic corporations 40,000

Operating expenses 100,000

Charitable contributions (cash) 11,000

a. What is Omega's charitable contributions deduction for the current year and its charitable contributions carryover to next year, if any?

b. What is Omega's taxable income for the current year, assuming qualified production activities income is $20,000?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9404048

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