Question
Gilmore's Marriage Counseling, Inc. (HIM???!!!) reports the following activity for two consecutive years: Year 1: Adjusted Taxable Income $690,670 Charitable Contributions $155,380 Year 2: Adjusted
Gilmore's Marriage Counseling, Inc. (HIM???!!!) reports the following activity for two consecutive years:
Year 1: Adjusted Taxable Income $690,670
Charitable Contributions $155,380
Year 2: Adjusted Taxable Income $640,900
Charitable Contributions $0
The corporation also has a net operating loss carryover from Year 1 amounting to $446,039.
For Year 2, how much is the corporation's charitable contribution deduction and remaining carryover?
- $0 deduction and $86,313 carryover
- $19,486 deduction and $66,827 carryover
- $64,090 deduction and $22,223 carryover
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Financial Accounting Self Study Problems/Solutions Book
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
4th Edition
0471205133, 978-0471205135
