1. On December 24, 2015, Partridge Corps (an accrual basis calendar year taxpayer) board of directors authorized a cash charitable contribution of $10,000 to the American Cancer Association. The contribution is paid on March 1, 2016. Can Partridge deduct the charitable donation on its 2015 tax return? Why or why not?

2. Gold Corp (a calendar year C corp) in:1) 2013 $1,000 of income; 2) 2014 $3,000 net operating loss; 3) 2015 $2,000 of income.

a) With respect to its $3,000 NOL, what can Gold do with it for tax purposes?

b) Which option would provide the most tax benefits?

3. In 2015, Goose Corp (C corp) incurs a $12,000 net capital loss and has ordinary income of $10,000

a) What amount of the $12,000 net capital loss is deductible by Goose in 2015?

b) What amount of the $12,000 net capital loss can Goose carryover (or carryforward) to 2016?