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ABC Corporation (a calendar year C corporation) reports the following income and expenses in the current year: Income from operations $200,000 Expenses from operations150,000 Dividend
ABC Corporation (a calendar year C corporation) reports the following income and expenses in the current year:
Income from operations $200,000
Expenses from operations150,000
Dividend received (15% ownership)15,000
On October 1, ABC Corporation made a contribution to a qualified charitable organization of $9,000 in cash (not included in any of the above items). Determine ABC's charitable contribution deduction for the year.
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