8. During the current year, Kingbird Corporation (a calendar year C corporation) had the following income and expenses: Income from operations Expenses from operations Dividends received (15% ownership) $200,000 140,000 20,000 On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $25,000 in cash (not included in any of the above items). Determine Kingbird's charitable contribution deduction for the current year. a. $9,000 b. $7,500 c. $20,600 d. $6,525 e. None of the above

8. During the current year, Kingbird Corporation (a calendar year C corporation) had the following income and expenses: Income from operations Expenses from operations Dividends received (15% ownership) $200,000 140,000 20,000 On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $25,000 in cash (not included in any of the above items). Determine Kingbird's charitable contribution deduction for the current year. a. $9,000 b. $7,500 c. $20,600 d. $6,525 e. None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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