In 2020, Bass Corp. made a qualified donation of $12,000; net income before the contribution was $75,000.
Fantastic news! We've Found the answer you've been seeking!
Question:
Compute any required Schedule M-1 adjustments, indicating whether "temporary" or "permanent". Include the appropriate line of Schedule M-1 for each adjustment.
Hint - remember the 10% limitation to taxable income before the contribution.
Related Book For
Principles Of Taxation For Business And Investment Planning 2018
ISBN: 9781259713729
21st Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
Posted Date: