A corporation's annual charitable contribution deduction is limited to 10 percent of its taxable income without reduction for charitable contributions, the dividends-received deduction, net operating loss carrybacks, and capital loss carrybacks.

Question

Quizplus · Accepted Answer

This is true according to the current tax laws in the United States, as outlined in Section 170(b)(2)(A) of the Internal Revenue Code. However, there may be some exceptions and additional rules that corporations need to follow when it comes to charitable contributions and deductions.

A Corporation's Annual Charitable Contribution Deduction Is Limited to 10