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For 2018, Bermuda Corporation had $400,000 of income from operations and made charitable contributions of $70,000. For 2019, Bermuda Corporation had $600,000 of income from
For 2018, Bermuda Corporation had $400,000 of income from operations and made charitable contributions of $70,000. For 2019, Bermuda Corporation had $600,000 of income from operations and made charitable contributions of $50,000. How much can Bermuda Corporation deduct for charitable contributions for 2018 and 2019? What happens to any remaining contributions?
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