Taxable income | 645000 |
Add: | |
Charitable contribution | 120750 |
Dividends received deduction | 50250 |
Modified Taxable income | 816000 |
X Allowed Deduction Percentage | 10% |
Charitable contribution deduction for year 1 | 81600 |
Answer is not 39150********* In year 1 (the current year), LAA Inc. made a charitable donation...
In year 1 (the current year), LAA Inc. made a charitable donation of $140,250 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $503,000, which included a $140,250 charitable contribution deduction (before limitation), a $70,000 dividends received deduction, and a $12,800 net operating loss carryover from year 0. What is LAA Inc.’s charitable contribution deduction for year 1?
In year 1 (the current year), LAA Inc. made a charitable donation of $147,000 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $638,000, which included a $147,000 charitable contribution deduction (before limitation), a $66,000 dividends received deduction, and a $16,300 net operating loss carryover from year 0. What is LAA Inc.’s charitable contribution deduction for year 1?
In year 1 (the current year), LAA Inc. made a charitable donation of $145,500 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $557,000, which included a $145,500 charitable contribution deduction (before limitation), a $70,500 dividends received deduction, and a $16,500 net operating loss carryover from year 0. What is LAA Inc.’s charitable contribution deduction for year 1?
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, and a $13,500 net operating loss carryover from year 0. What is LAA Inc.’s charitable contribution deduction for year 1?
n year 1 (the current year), LAA Inc. made a charitable donation of $100,000 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $550,000, which included a $100,000 charitable contribution deduction (before limitation), a $50,000 dividends received deduction, and a $10,000 net operating loss carryover from year 0. What is LAA Inc.’s charitable contribution deduction for year 1?
In year 1(the current year). LAA Inc. made a charitable donation of $153.750 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $608,000, which included a $153.750 charitable contribution deduction (before limitation), a $60,250 dividends received deduction, and a $10,400 net operating loss carryover from year 0. What is LAA Inc.'s charitable contribution deduction for year 1? Charitable contribution deduction for year 1
Check my work In year 1 (the current year), LAA Inc. made a charitable donation of $121,500 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $581,000, which included a $121,500 charitable contribution deduction (before limitation), a $67,500 dividends received deduction, and a $15,800 net operating loss carryover from year 0. 10 points What is LAA Inc.'s charitable contribution deduction for year 1? Charitable contribution deduction for year 1 eBook Print References
In 2019, Oak Inc. made a charitable donation of $100,000 to the American Red Cross (a qualifying charity). For the year, Oak reported taxable income of $550,000 which included a $100,000 charitable contribution deduction (before limitation), a $50,000 dividends received deduction and a $10,000 net operating loss carryover from year 2018. What is Oak Inc.’s charitable contribution deduction for 2019? Description Amount Taxable Income $550,000 Charitable Contribution Dividend Received Deduction NOL Carryover Revised Taxable Income Charitable Contribution % Limitation Charitable...
In year 1 (the current year), OCC Corp. made a charitable donation of $200,000 to the Jordan Spieth Family Foundation (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends received deduction, and before deducting its $40,000 NOL carryover from last year. a. What amount of the $200,000 donation is OCC allowed to deduct for tax purposes in year 1? b. In year 2, OCC did not make...
Required information (The following information applies to the questions displayed below.) In year 1(the current year), OCC Corp. made a charitable donation of $200,000 to the Jordan Spieth Family Foundation (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends received deduction, and before deducting its $40,000 NOL carryover from last year. c. In year 2, OCC did not make any charitable contributions. It reported taxable income of...