Citradoria Corporation is a regular corporation that contributes $35,000 cash to qualified charitable organizations during the current tax year The corporation has net operating income of $140,000, before deducting the contributions, and dividends received from domestic corporations (ownership in a...

a 16000 10 x 140000 20000 b Unused charitable cont ...

Citradoria Corporation is a regular corporation that contributes $35,000 cash to qualified charitable organizations during the current

Question:

Citradoria is a regular that contributes $35,000 cash to qualified charitable organizations during the current tax year. The has net operating income of $140,000, before deducting the contributions, and dividends received from domestic corporations (ownership in all corporations is less than 20 percent) in the amount of $20,000.
a. What is the amount of Citradoria Corporation's allowable deduction for charitable contributions for the current year? $_______
b. What may the do with any excess amount of contributions?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...