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 |
Homework Answers
|
Amount that can be deducted as charitable contributions is limited to 10% of taxable income before DRD and charitable contribution deduction = (410,000 + 20,000) * 10% = 430,000 * 10% = 43,000 Option C is the answer |
||
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