Of a corporation's charitable contributions exceed the deduction limitation in a particular year, the excess A) becomes a carryover to a maximum of five succeeding years. B) may be carried back to the third preceding year. C) is not deductible in any future year. D) is carried over indefinitely. Richards Corporation has taxable income of $280,000 calculated before the charitable contribution of deduction and before its dividends-received deduction of $34,000. Richards makes cash contributions $35,000 to charitable organizations. What is Richards Corporation's charitable contribution deduction for the current year? A) $24, 600 B) $35,000 C) $28,000 D) $31, 400 The U.S production activities deduction is based on a percentage of which of the following? A) taxable income before the production activities deduction B) 50% of W-2 wages. C) qualified production activities income D) both A and C above