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Exerce (25 pts): In year 1 (the current year), ABB Corp. made a charitable donation of $200,000 to the Foundation (a qualifying charity. For the year, ABB reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends received deduction, and before deducting its $40,000 NOL carryover from last year a. What amount of the $200,000 donation is ABB allowed to deduct for tax purposes in year 1? b. In year 2, ABB did not make any charitable contributions. It reported taxable income of 5300,000 before any charitable contribution deductions and before a $15,000 dividends-received deduction. What book-tax difference associated with the charitable contributions will ABB report in year 22 is the difference favorable or unfavorable? Is it permanent or temporary? c. In year 2, ABB did not make any charitable contributions. It reported taxable incor of $300,000 before any charitable contribution deductions and before a $15,000 dividends-received deduction. In years 3, 4, and 5, ABB reported taxable losses of $50,000. Finally, in year 6 it reported $1,000,000 in taxable income before any charitable contribution deductions. It did not have any dividends-received deduction. ABB did not actually make any charitable donations in year 6. What book-tax difference associated with charitable contributions will ABB report in year 6? SS B F TA Exerce (25 pts): In year 1 (the current year), ABB Corp. made a charitable donation of $200,000 to the Foundation (a qualifying charity. For the year, ABB reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends received deduction, and before deducting its $40,000 NOL carryover from last year a. What amount of the $200,000 donation is ABB allowed to deduct for tax purposes in year 1? b. In year 2, ABB did not make any charitable contributions. It reported taxable income of 5300,000 before any charitable contribution deductions and before a $15,000 dividends-received deduction. What book-tax difference associated with the charitable contributions will ABB report in year 22 is the difference favorable or unfavorable? Is it permanent or temporary? c. In year 2, ABB did not make any charitable contributions. It reported taxable incor of $300,000 before any charitable contribution deductions and before a $15,000 dividends-received deduction. In years 3, 4, and 5, ABB reported taxable losses of $50,000. Finally, in year 6 it reported $1,000,000 in taxable income before any charitable contribution deductions. It did not have any dividends-received deduction. ABB did not actually make any charitable donations in year 6. What book-tax difference associated with charitable contributions will ABB report in year 6? SS B F TA
