A corporation receives no dividends for the year and has no carryovers into the year. Its taxable income before any charitable contribution was $80,000. It donates land held for several years worth $50,000 in which it has a basis of $15,000.

Suppose instead the taxable income of $80,000 had been reduced by a $3,000 capital loss carryback into the current year. What would be the amount of the deductible contribution

Answer rating: 100% (QA)

let Taxable 8000 the year Amt betore Char... View the full answer