Homework Answers
Answer : a. $7,500.
Explanation:
Kingbird’s charitable contribution deduction for the current year :
(Income from operations + Dividend received - Expense from operations) * 10 %
= ($200,000 + $15,000 - $140,000) * 10 %
= $7,500.
Thus out of $9,000 contribution made to qualified charitable organization only $7,500 contribution deduction for the current year is allowed .
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