Question: Bleeding Heart Inc., a C corporation, made charitable contributions during the current year of $50,000. It has a charitable contribution carryover from last year of

  1. Bleeding Heart Inc., a C corporation, made charitable contributions during the current year of $50,000. It has a charitable contribution carryover from last year of $10,000. It also has an NOL carryover from last year of $25,000. Its net operational income for the current year, not including the above contributions or carryovers, is $500,000. What is Bleeding Hearts taxable income for the current year?

    $450,000

    $427,500

    $425,000

    $415,000

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