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tax accounting

Questions 44-46 are based on the following information:

X Co. donated a machine worth $300,000 to a valid charity. If X Co. had sold the machine, it would have had a $40,000 short-term capital gain. During the year, X Co.had the following items:

Gross income of $500,000
Deductible operational expenses of $130,000
NOL carryforward of $70,000
Capital loss carryback of $60,000
Dividends received deduction of $30,000

 

Flag question: Question 44

Question 442 pts

X Co.'s current charitable contribution amount is

Group of answer choices

None of these.

$260,000

$40,000

$300,000

 

Flag question: Question 45

Question 452 pts

X Co.'s current charitable contribution deduction is

Group of answer choices

None of these.

$24,000

$30,000

$37,000

 

Flag question: Question 46

Question 462 pts

X Co.'s charitable contribution carryforward is

Group of answer choices

$270,000

$223,000

None of these.

$230,000


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