Homework Answers
| For 2019 | |
| Particulars | $ |
| Income from operation before any special deduction | $ 100,000 |
| Add Dividend income | $ 10,000 |
| Less Dividend received deduction | $ (5,000) |
| Taxable income | $ 105,000 |
| Add Dividend received deduction | $ 5,000 |
| Base to calculate 10% limit for charity deduction | $ 110,000 |
| Charitable contribution deductible upto 10% Base | $ 11,000 |
| Charitable contribution non-deductible & carry forward | $ 4,000 |
| For 2020 | |
| Particulars | $ |
| Income from operation | $ 100,000 |
| Add Capital gain | $ 20,000 |
| Less Charitable contribution carry forward | $ (4,000) |
| Taxable income in 2020 | $ 116,000 |
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