Question: Required information Problem 05-50 (LO 05-2) (Static) [The following information applies to the questions displayed below.] In 2023, OCC Corporation made a charitable donation of

 Required information Problem 05-50 (LO 05-2) (Static) [The following information applies

Required information Problem 05-50 (LO 05-2) (Static) [The following information applies to the questions displayed below.] In 2023, OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Problem 05-50 Part a (Static) What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2023 , what is the carryover to 2024 , and vhen does the carryover expire

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