he Pooch Corporation is a regular corporation that contributes $15,000 cash to qualified charitable organizations during the current year. The corporation has net taxable income of $160,000 before deducting the contributions. a. What is the amount of Pooch Corporation's allowable deduction for charitable contributions for the current year? b. What may the corporation do with any excess amount of contributions?

he Pooch Corporation is a regular corporation that contributes $15,000 cash to qualified charitable organizations during the current year. The corporation has net taxable income of $160,000 before deducting the contributions. a. What is the amount of Pooch Corporation's allowable deduction for charitable contributions for the current year? b. What may the corporation do with any excess amount of contributions?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 34P

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