Question
In year 1 (the current year), LAA Inc. made a charitable donation of $124,500 to the American Red Cross (a qualifying charity). For the year,
In year 1 (the current year), LAA Inc. made a charitable donation of $124,500 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $595,000, which included a $124,500 charitable contribution deduction (before limitation), a $67,000 dividends received deduction, and a $13,400 net operating loss carryover from year 0. What is LAA Inc.s charitable contribution deduction for year 1?
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Financial Accounting IFRS Principles
Authors: Ilse Lubbe, Goolam Modack, Shelly Herbert
5th Edition
0190746920, 978-0190746926
