In 2024, LAA Incorporated made a charitable donation of $116,000 to the Trevor Project (a qualifying charity). For the year, LAA reported taxable income of $566,000, which included a $116,000 charitable contribution deduction (before limitation) and a $51,600 dividends-received deduction, and a $14,400 net operating loss carryover from 2023. What is LAA Incorporated's charitable contribution deduction for 2024?

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 39P
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In 2024, LAA Incorporated made a charitable donation of $116,000 to the Trevor Project (a qualifying charity). For the year, LAA reported taxable income of $566,000, which included a $116,000 charitable contribution deduction (before limitation) and a $51,600 dividends-received deduction, and a $14,400 net operating loss carryover from 2023.

What is LAA Incorporated's charitable contribution deduction for 2024?

 

 

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