The Peach Corporation is a regular corporation that contributes $25,000 cash to qualified charitable organizations during 2014. 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?

Question

The Peach Corporation is a regular corporation that contributes $25,000 cash to qualified charitable organizations during 2014. 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?

Quizplus · Accepted Answer

The Answer of The Peach Corporation is a regular corporation that contributes $25,000 cash to qualified charitable organizations during 2014. 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?

The Peach Corporation Is a Regular Corporation That Contributes $25,000