Charitable contribution deduction for Year 1 |
$77000 |
Maximum charitable contribution deduction = 10% of taxable income before charitable contribution and dividends received deduction. However, NOL carryovers are deducted from taxable income to determine charitable contribution deduction.
LAA's modified taxable income = 581000+121500+67500 = $770000
LAA's charitable contribution deduction =770000*10% = $77000
The remaining $44500 (121500-77000) is carried over for up to five years.
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