Question
In year 1 (the current year), LAA Inc. made a charitable donation of $99,750 to the American Red Cross (a qualifying charity). For the year,
In year 1 (the current year), LAA Inc. made a charitable donation of $99,750 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $624,000, which included a $99,750 charitable contribution deduction (before limitation), a $45,000 dividends received deduction, and a $12,700 net operating loss carryover from year 0. What is LAA Inc.s charitable contribution deduction for year 1?
Answer is complete but not entirely correct
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Supply Chain Risk Management Applying Secure Acquisition Principles To Ensure A Trusted Technology Product Internal Audit And IT Audit
Authors: Ken Sigler, Dan Shoemaker, Anne Kohnke
1st Edition
1138197335, 978-1138197336
