Question
Leon Fiero has 2020 Net Income For Tax Purposes and Taxable Income of $70,400. Each week, without fail, he plays a nation-wide lottery. While over
Leon Fiero has 2020 Net Income For Tax Purposes and Taxable Income of $70,400. Each week, without fail, he plays a nation-wide lottery. While over the years he has not had any winnings of consequence, his fortunes changed in 2019, when he won over $320,000. As he had hoped to do for many years, he donated $120,000 of these winnings to the Canadian Cancer Society in 2019. He chose to claim $15,000 of his donations in 2019. Determine Mr. Fiero's maximum charitable donations tax credit for 2020. Until what year can he claim any unused portions of his 2019 donation?
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