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n 2021, XYZ Corporation made a $10,000 cash contribution to a qualifying charitable organization (not related to a disaster area). Their taxable income for the
n 2021, XYZ Corporation made a $10,000 cash contribution to a qualifying charitable organization (not related to a disaster area). Their taxable income for the year was $10,000. The amount of the contribution XYZ can deduct on Form 1120, U.S. Corporation Income Tax Return, is_______:
$1,000
$2,500
$5,000
$10,000
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