During 2012, Highlander Corporation had the following income and expenses: Gross receipts $700,000 Salaries 300,000 Contributions...
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During 2012, Highlander Corporation had the following income and expenses: Gross receipts $700,000 Salaries 300,000 Contributions to qualified charitable organizations 60,000 Capital gains 7,000 28,000 Depreciation expense Dividend income Dividends received deduction 60,000 42,000 What is the amount of Highlander Corporation's charitable contribution deduction for 2012? During 2012, Highlander Corporation had the following income and expenses: Gross receipts $700,000 Salaries 300,000 Contributions to qualified charitable organizations 60,000 Capital gains 7,000 28,000 Depreciation expense Dividend income Dividends received deduction 60,000 42,000 What is the amount of Highlander Corporation's charitable contribution deduction for 2012?
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Answer rating: 100% (QA)
Solution Charitable deduction of a corporation is limited to 10 of taxable income computed bef... View the full answer
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
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