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Can someone help me solve when the carryover expires? In 2022 , OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee
Can someone help me solve when the carryover expires?
In 2022 , OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000NOL carryover from last year. a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2022 , what is the carryover to 2023 , and when does the carryover expire? Answer is complete but not entirely correctStep by Step Solution
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