ZuoTi.Pro
Question

what is accountingmethodto deduct unpaid charitable of a corporation

what is accountingmethodto deduct unpaid charitable of a corporation



business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!
What is accounting method to deduct unpaid charitable of a corporation?
A corporation using an accrual method of accounting can choose to deduct unpaid contributions for the tax year the board of directors authorizes them if it pays them by the 15th day of the 3rd month after the close of that tax year. Make the choice by reporting the contribution on the corporation's return for the tax year. A declaration stating that the board of directors adopted the resolution during the tax year must accompany the return. The declaration must include the date the resolution was adopted.
0 0
Add a comment
Know the answer?
Add Answer to:
what is accountingmethodto deduct unpaid charitable of a corporation
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • what is the accounting method yo deduct ubpaid charitable contributions.

    what is the accounting method yo deduct ubpaid charitable contributions.

  • When volunteering time and/or services to a qualified charitable organization, you can deduct as a charitable...

    When volunteering time and/or services to a qualified charitable organization, you can deduct as a charitable contribution all of the following, except: Choose one answer. a. Cost and upkeep of uniforms worn while performing donated services that are not suitable for general use. b. Value of your time or service. c. Unreimbursed transportation expenses that relate directly to the services you gave. d. Any cash contributions you made to the organization for which you gave services.

  • Employers offering unpaid internships should: give interns a W-4 so they can deduct the time spent...

    Employers offering unpaid internships should: give interns a W-4 so they can deduct the time spent working on their federal taxes. have a college oversee it and offer academic credit. change to paid internships only to avoid FLSA violations. only hire students age 16 – 18, while they are in high school.

  • During the current year, Gray Corporation, a C corporation in the financial services business, made charitable...

    During the current year, Gray Corporation, a C corporation in the financial services business, made charitable contributions to qualified organizations as follows: ∙ Stock (basis of $20,000, fair market value of $45,000) in Drab Corporation, held for six months as an investment, to the Salvation Army. (Salvation Army plans on selling the stock.) ∙ Painting (basis of $90,000, fair market value of $250,000), held for four years as an investment, to the Museum of Fine Arts. (The Museum plans on...

  • In the current year, Crow Corporation, a corporation, donated scientific property (basis of $20,000, fait market...

    In the current year, Crow Corporation, a corporation, donated scientific property (basis of $20,000, fait market value of $50,000) to state University, a qualified charitable organization, to be used in research. Crow had held the property for four months as inventory. Crow Corporation may deduct $50,000 for the charitable contribution (ignoring the taxable income limitation). • True False

  • In year2, Garland Corp. contributed $40,000 to a qualified charitable organization. Garland’s 2yr taxable income before...

    In year2, Garland Corp. contributed $40,000 to a qualified charitable organization. Garland’s 2yr taxable income before the deduction for charitable contributions was $410,000. Included in that amount is a $20,000 dividends-received deduction. Garland also had carryover contributions of $5,000 from the prior year. In 2012, what amount can Garland deduct as charitable contributions? A. $40,000 B. $45,000 C. $43,000 D. $41,000

  • .43. LO.1 Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable...

    .43. LO.1 Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Adjusted Basis Fair Market Value Painting held four years as an investment, to a $15,000 $25,000 church, which sold it immediately Apple stock held two years as an investment, to 40,000 90,000 United Way, which sold it immediately Canned groceries held one month as inventory, to 10,000 17,000 Catholic Meals for the Poor Determine the amount of Aquamarine Corporation's...

  • In year 1 (the current year), OCC Corp. made a charitable donation of $200,000 to the...

    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...

  • In 2009 U.S. charitable giving fell 3.6 percent to 303.75 billion for the year. Total charitable...

    In 2009 U.S. charitable giving fell 3.6 percent to 303.75 billion for the year. Total charitable contributions from American individuals, corporations, and foundations fell to $303.75 billion from $315.08 billion for 2008. The largest share of contributions went to religious organizations, representing 33 percent of total giving. The next largest shares went to educational organizations, receiving an estimated 13 percent of the total, and foundations, which received 10 percent of the total. Suppose a sample of 6 employees is randomly...

  • 7. For​ individuals, what is the overall deduction limitation on charitable​ contributions? What is the limitation...

    7. For​ individuals, what is the overall deduction limitation on charitable​ contributions? What is the limitation of​ corporations? A. The overall deduction limitation on charitable contributions for both individuals and corporations is​ 10% of taxable income computed without regard to the charitable contribution deduction or any NOL or capital loss carrybacks. B. The overall deduction limitation on charitable contributions for individuals is​ 10% of the​ taxpayer's AGI for the year. The limitation for corporations is​ 60% of taxable income computed...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT