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Toms, Inc. produces and sells socks to the general public. It donates all of its profits to Socks United, a qualifying 501(c)(3) organization. For the
Toms, Inc. produces and sells socks to the general public. It donates all of its profits to Socks United, a qualifying 501(c)(3) organization. For the current year it had net income of $250,000 for tax purposes. What are the tax consequences to Toms, Inc.
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