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11, A Corporation has taxable income of $100,000 and a charitable contribution limit modified taxable income of $85,000. The Corporation made charitable contributions for
11, A Corporation has taxable income of $100,000 and a charitable contribution limit modified taxable income of $85,000. The Corporation made charitable contributions for the year in the amount of $9,500. What is the Corporation's current-year charitable contribution deduction and contribution carryover? Assume that the percentage limit for purposes of calculating the charitable contribution deduction is 10%.
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