Question

Jackel, Inc. has the following information for the current tax year.
Gross sales .................. $350,000
Cost of goods sold ............... 50,000
Dividends received (10%) ............ 40,000
Operating expenses ................ 30,000
Charitable contributions ............. 45,000
(a) What is Jackel's charitable contribution deduction?
(b) What is Jackel's taxable income?



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  • CreatedSeptember 19, 2013
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