The Peach Corporation is a regular corporation that contributes $25,000 cash to qualified charitable organizations during the current year. The corporation has net taxable income of $190,000 before deducting the contributions.
a. What is the amount of Peach Corporation's allowable deduction for charitable contributions for the current year?
b. What may the corporation do with any excess amount of contributions?
a. $19,000 = 10% × $190,000.
b.
The excess may be carried forward to the 5 succeeding tax years, again subject to the 10 percent limitation.
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A. capability B. perspective C. sensuality D. bandwidth
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a. True b. False Indicate whether the statement is true or false