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In its first year (2021), Barsky Corporation made charitable contributions totaling $70,000. The corporation's taxable income before any charitable contribution deduction was $250,000. In its
In its first year (2021), Barsky Corporation made charitable contributions totaling $70,000. The corporation's taxable income before any charitable contribution deduction was $250,000. In its second year (2022), Barsky made charitable contributions of $15,000 and earned taxable income before the contribution deduction of $300,000. Required: a. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its first year Amount Allowable charitable contribution deduction Final taxable income $ 25,000 $ 225,000 b. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its second year Allowable charitable contribution o Final taxable income This is a numeric cell, so please enter numbers only. 270.000
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