Question: In 2 0 2 4 , Webtel Corporation donated $ 5 0 , 0 0 0 to a qualifying charity. For the year, it reported

In 2024, Webtel Corporation donated $50,000 to a qualifying charity. For the year, it reported taxable income of $310,000, which included the following: the $50,000 charitable contribution (before limitation), a $100,000 dividends received deduction, and a $20,000 net operating loss carryover. What is Webtel Corp.'s charitable contribution deduction? What is the amount of the book-tax difference associated with the charitable contribution? Is it favorable or unfavorable? Is it temporary or permanent? (Hint: is temporary and unfavorable, need an step by step solution and need to know why as well thank you).
In 2 0 2 4 , Webtel Corporation donated $ 5 0 , 0

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