In its first year, Barsky Corporation made charitable contributions totaling $30,000. The corporation's taxable income before any

Question:

In its first year, Barsky made charitable contributions totaling $30,000. The corporation's taxable income before any charitable contribution deduction was $250,000. In its second year, Barsky made charitable contributions of $15,000 and earned taxable income before the contribution deduction of $300,000.
a. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its first year.
b. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its second year.
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...