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(a) A corporation has $25,000 of income from its business operations, $20,000 of net capital gains, and $5,000 of dividend income. If it contributes $25,000

(a) A corporation has $25,000 of income from its business operations, $20,000 of net capital gains, and $5,000 of dividend income. If it contributes $25,000 to charity, what's it charitable deduction? What's its ("real") taxable income?

(b) How do your answers to (a) change if the corporation has a $4,000 net operating loss from a prior year carried forward into this one?

(c) How do your answers to (a) change if the corporation has a $1,000 net capital loss from a future year carried back into this one?

(d) How do your answers to (a) change if the corporation has a $1,000 net capital loss from a past year carried forward into this one?


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