In its first year (2021), Barsky Corporation made charitable contributions totaling $70,000. The corporation's taxable income before any charitable contribution deduction was $250,000. In its second year (2022), Barsky made charitable contributions of $15,000 and earned taxable income before the contribution deduction of $300,000. Required: a. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its first year Allowable charitable contribution deduction Final taxable income $ $ Allowable charitable contribution c Final taxable income Amount 25,000 225,000 b. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its second year This is a numeric cell, so please enter numbers only. 270.000

In its first year (2021), Barsky Corporation made charitable contributions totaling $70,000. The corporation's taxable income before any charitable contribution deduction was $250,000. In its second year (2022), Barsky made charitable contributions of $15,000 and earned taxable income before the contribution deduction of $300,000. Required: a. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its first year Allowable charitable contribution deduction Final taxable income $ $ Allowable charitable contribution c Final taxable income Amount 25,000 225,000 b. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its second year This is a numeric cell, so please enter numbers only. 270.000

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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