Question
In 2023, EVAN Corporation made a charitable donation of $434,910 to the SA Food Bank (a qualifying charity). For the year, EVAN reported taxable income
In 2023, EVAN Corporation made a charitable donation of $434,910 to the SA Food Bank (a qualifying charity). For the year, EVAN reported taxable income of $1,333,450 before deducting any charitable contributions, before deducting its $94,760 dividends-received deduction, and before deducting its $163,500 Capital loss carryover from last year.
What amount of the $434,910 donation is EVAN allowed to carryover to 2024 for tax purposes?
CORRECT ANSWER IS 301,565 (show work to get answer)
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
