Question: #3 For corporate taxpayers, the allowable deduction for charitable contributions may not exceed: 10% of the corporation's taxable income for any year other than 2020.

#3 For corporate taxpayers, the allowable deduction for charitable contributions may not exceed:

  • 10% of the corporation's taxable income for any year other than 2020.
  • 15% of the corporation's taxable income for any year other than 2020
  • 30% of the corporation's taxable income for any year other than 2020
  • 5% of the corporation's taxable income for any year other than 2020.

#11 Company X owns 15% of Company Y. Company X uses a percentage rate of ____________ to compute its dividends received deduction.

#12 The original due date for a corporation with a September 30 year end is ____________. (format answer as MM/DD)

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