Question
Adam Inc. is a taxable Canadian corporation. In 2018, the corporation contributed $180,000 to a registered amateur athletic association. In 2017, the corporation was unable
Adam Inc. is a taxable Canadian corporation. In 2018, the corporation contributed $180,000 to a registered amateur athletic association. In 2017, the corporation was unable to deduct $63,000 of similar donations. In 2018, the income of the corporation for tax purposes consisted of $310,000 of active business income and $10,000 of property income. The maximum charitable donation deduction for Adam Inc. in 2018 is:
- A. $243,000
- B. $240,000
- C. $232,500
- D. $180,000
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A corporate can only deduct the contribution equal to 75 of the net income of the corporation T...
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Business Law Text and Cases
Authors: Kenneth W. Clarkson, Roger LeRoy Miller, Gaylord A. Jentz, F
11th Edition
324655223, 978-0324655223
