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Stallings Corporation has $50,000 of taxable income before any charitable contribution deduction. Stallings contributed $20,000 to a qualified charitable organization. Due to the 10%
Stallings Corporation has $50,000 of taxable income before any charitable contribution deduction. Stallings contributed $20,000 to a qualified charitable organization. Due to the 10% of taxable income limitation on charitable contribution deductions, Stallings' contribution deduction is limited to $5.000. What effect does the charitable contribution have on current and future E&P
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