Corporations had the following income and expenses during the current taxable year: Income from operations ................ $250,000

Question:

Corporations had the following income and expenses during the current taxable year: Income from operations ................ $250,000
Expenses from operations ................ $120,000
Dividends received (from a 70 percent-owned corporation)) . $ 80,000
Cash charitable contributions .............. $ 30,000
How much is Corporation’s charitable contribution deduction for the current taxable year? a. $14,600.
b. $21,000.
c. $26,000.
d. $30,000.