If a corporation's charitable contributions exceed the deduction limitation in a particular year,the excess
A)is not deductible in any future year.
B)becomes a carryforward to a maximum of five succeeding years.
C)may be carried back to the third preceding year.
D)is carried over indefinitely.

Question

Quizplus · Accepted Answer

The excess charitable contribution can be carried forward to a maximum of five succeeding years, allowing the corporation to take the deduction in those years. It cannot be carried back to past years or carried over indefinitely.

If a Corporation's Charitable Contributions Exceed the Deduction Limitation in a Particular