Question
Richards Corporation has taxable income of $280,000 calculated before the charitable contribution deduction and before its dividends-received deduction of $34,000. Richards makes cash contributions of
Richards Corporation has taxable income of $280,000 calculated before the charitable contribution deduction and before its dividends-received deduction of $34,000. Richards makes cash contributions of $35,000 to charitable organizations. What is Richards Corporation's charitable contribution deduction?
a. $28,000
b. $31,400
c. $34,000
d. $35,000
Would you answer change if there was a NOL carryover of $40,000? If so, how?
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Financial Accounting A Business Process Approach
Authors: Jane L Reimers
2nd Edition
131473867, 978-0131473867
