On December 6, 2016, Kestrel Company (a calendar year taxpayer) authorizes a cash donation of $40,000 to

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On December 6, 2016, Kestrel Company (a calendar year taxpayer) authorizes a cash donation of $40,000 to the Memphis Public Library. The pledge is carried out as follows: $10,000 on December 12, 2016; $25,000 on February 13, 2017; and $5,000 on May 10, 2017. What are the alternatives for the year of the charitable contribution deduction if Kestrel is:
a. An accrual basis partnership?
b. An accrual basis C corporation?
c. What is the result under parts (a) and (b) if Kestrel is a cash basis taxpayer?
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South Western Federal Taxation Individual Income Taxes 2017

ISBN: 9781305873988

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen

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