Question
Nora owns a C Corporation business. She wants to contribute $70,000 in December of this year to the charitable and nonprofit Boys and Girls Club.
Nora owns a C Corporation business. She wants to contribute $70,000 in December of this year to the charitable and nonprofit Boys and Girls Club. She would like to know if she should contribute this from her business account, C Corp, or her 1040. Are there any tax advantages and limitations? Her taxable projected income will be $500,000.
Her 1040 adjusted gross income $350,000.
Calculation and information should be based on current tax law (2022).
Step by Step Solution
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Conclusion Nora should make all the donations through Schedule A Itemized Deductions ...
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
15th edition
77861612, 1259194078, 978-0077861612, 978-1259194078
