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Check my work This year, Jolt Inc. reported $40,000 of taxable income before any charitable contribution deduction. Jolt cont

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Answer #1

Answer:

Current E&P $24,600

Calculations:

Taxable income before charitable contribution deduction $40,000
Deduct: Charitable contribution [$40,000 x 10%*] ($4,000)
Taxable income $36,000

*Charitable contributions limited to 10% of taxable income.

Taxable income $36,000
Deduct: Charitable contribution carryover [$10,000-$4,000] ($6,000)
Deduct: Federal income taxes ($5,400)
Current E&P $24,600
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