Question: On December 2 3 , 2 0 2 4 , the directors of Partridge Corporation, an accrual basis calendar year taxpayer, authorized a cash contribution

On December 23,2024, the directors of Partridge Corporation, an accrual basis calendar year taxpayer, authorized a cash contribution of $10,000 to the American Cancer Association. The payment is made on April 13,2025.
Can Partridge deduct the charitable contribution in 2024?
YesNoYes
, because Partridge Corporation is an accrual basis corporation, the charitable contribution must be paid
by December 31,2024 by January 15,2025 by April 15,2025 by April 15,2025
.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

1. On December 24, 2015, Partridge Corps (an accrual basis calendar year taxpayer) board of directors authorized a cash charitable contribution of $10,000 to the American Cancer Association. The...

Q:

4 Jasper Junction Corporation (JC) is an accrual basis, calendar year entity that was created by Choo, Iris, and Nolan in 20X1. JJC furnishes the original incorporation agreement. The shareholders'...

Q:

On March 1, 2014, Hayley Scott and Sam Smith formed Creative Art, Inc., to sell art and hobby supplies. Creative Art owns no affiliated subsidiary companies. Pertinent information regarding Creative...

Q:

Paragraph Styles Spring, 2019 Due Date: Tuesday, February 19th, by 5:00 p.m. On March 1, 2014, Hayley Scott and Sam Smith formed Creative Art, Inc., to sell art and hobby supplies. Creative Art owns...

Q:

On May 1, 2016, Sam Winston and Kelly Graham formed French Chef Cookware, Inc., to manufacture and sell gourmet cookware. French Chef Cookware owns no affiliated subsidiary companies. Pertinent...

Q:

On Fcbruary 12, 2007, Nancy Trout and Delores Lake formed Kingisher Corporation to sell fishing tackle. Pertinent infomation regarding Kingisher is summarized as follows: - Kingfisher's business...

Q:

Help please! Need to complete 1120 Tax Return Instructions Note: This problem is for the 2021 tax year. On February 12, 2007, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell...

Q:

1 1' What tax years may a new C corporation elect Question 2 and 3 pts 4 pts 2. What could cause a corporation to have a short tax year ? and D Question 3 3. a) In general a corporation that sells...

Q:

TAX FORM 1120 PAGE 4,5,6 Note: This problem is for the 2018 tax year. On February 12, 2005, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information...

Q:

Prepare a Form 1120 for Pet Kingdom for tax year 2013. 11/1/2015 Print Preview transactions reported in their tax return. Make necessary assumptions for information not given in the problem but...

Q:

The following information were taken from the records of Ware Co. on December 31, 2020: Ordinary share capital, P5 par 8% Preference share capital, P100 par 12% Convertible bonds payable P5,000,000...

Q:

The following measurements represent heights, in inches, of randomly selected women: 61, 65, 66, 67, 57, 58, 60, 70, 62, 63, 64, 64, 65, 72, 73. A). Find and interpret the 40th percentile P40 of this...

Q:

Lack of auditor independence always results in issuing which of the following reports? a . Qualified b . Unmodified c . Disclaimer of opinion d . Adverse opinion

Q:

Q What is the function of anti-pumping in the circuit breaker?