Question
Thunder C-corporation donated $93,000 to a qualifying charity. For the year, it reported taxable income of $580,000, which Included the following: the $93,000 charitable contribution
Thunder C-corporation donated $93,000 to a qualifying charity. For the year, it reported taxable income of $580,000, which Included the following: the $93,000 charitable contribution (before limitation), a $170,000 dividends received deduction, and a $30,000 NOL carryover. What is Thunder's current-year charitable contribution deduction and contribution carryover?
a. $87,300 current-year deduction; $5,700 carryover.
b. $84,300 current-year deduction; $0 carryover.
c. $87,300 current-year deduction; $0 carryover.
d. $93,000 current-year deduction; $0 carryover.
e. $0 current-year deduction; $93,000 carryover.
f. $84,300 current-year deduction; $8,700 carryover.
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