In 2023, LAA Incorporated made a charitable donation of $110,000 to the Trevor Project (a qualifying charity). For the year, LAA reported taxable income of $560,000, which included a $110,000 charitable contribution deduction (before limitation) and a $51,000 dividends-received deduction, and a $110,000 net operating loss carryover from 2022. What is LAA Incorporated's charitable contribution deduction for 2023? Assume the charitable donation is not a qualified contribution because LAA Incorporated did not make the necessary election. Charitable contribution deduction for 2023

In 2023, LAA Incorporated made a charitable donation of $110,000 to the Trevor Project (a qualifying charity). For the year, LAA reported taxable income of $560,000, which included a $110,000 charitable contribution deduction (before limitation) and a $51,000 dividends-received deduction, and a $110,000 net operating loss carryover from 2022. What is LAA Incorporated's charitable contribution deduction for 2023? Assume the charitable donation is not a qualified contribution because LAA Incorporated did not make the necessary election. Charitable contribution deduction for 2023

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 9DQ

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In 2022, LAA Incorporated made a charitable donation of $100,000 to the Trevor Project (a qualifying charity). For the year, LAA reported taxable income of $550,000, which included a $100,000 charitable contribution deduction (before limitation) and a $50,000 dividends-received deduction. What is LAA Incorporated's charitable contribution deduction for 2022? Assume the charitable donation is not a qualified contribution because LAA Incorporated did not make the necessary election. Charitable contribution deduction for 2022
In 2022, OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Required: a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2022, what is the carryover to 2023, and when does the carryover expire? b. Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023? Is the difference favorable or unfavorable? Is it permanent or temporary? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B What amount of…
In 2022, OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Required: a. What amount of the $400,000 donation is OCC, allowed to deduct for tax purposes in 2022, what is the carryover to 2023, and when does the carryover expire? b. Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023? Is the difference favorable or unfavorable? Is it permanent or temporary? Complete this question by entering your answers in the tabs below. Required A Required B What amount of the $400,000 donation is OCC allowed to…
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In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire?
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For 2022, determine the deductible charitable contribution in each of the following instances: Required: a. Charitable contribution of $4,000 and taxable income before charitable contribution of $50,000. b. Charitable contribution of $8,000 and taxable income before charitable contribution of $50,000. c. Charitable contribution of $4,800 and taxable income before charitable contribution of $50,000. Taxable income includes a net operating loss carryforward of $5,000. d. Charitable contribution of $4,800 and taxable income before charitable contribution of $40,000. Taxable income includes a capital loss carryback of $5,000. Answer is complete but not entirely correct. Amount a. Deductible charitable contributions b. Deductible charitable contributions c. Deductible charitable contributions d. Deductible charitable contributions $ 4,000✔ $ $ $ 4,800 X 8,000 X 4.800✔
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In 2020, Gray Corporation, a calendar year C corporation, has a $75,000 charitable contribution carryover from a gift made in 2015. Gray is contemplating a gift of land to a qualified charity in either 2020 or 2021. Gray purchased the land as an investment five years ago for $100,000 (current fair market value is $250,000). Before considering any charitable deduction, Gray projects taxable income of $1,000,000 for 2020 and $1,200,000 for 2021. Should Gray make the gift of the land to charity in 2020 or in 2021? Provide support for your answer.
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