GenerUs Inc.'s board of directors approved a charitable cash contribution to FoodBank, a qualified nonprofit organization, in November of 2019. GenerUs made the payment to FoodBank on February 2, 2020. GenerUs Inc. (a calendar-year corporation) may claim a deduction for the contribution on its 2019 tax return.

Question

Quizplus · Accepted Answer

Corporations can elect to treat a charitable contribution made by the due date of the tax return (including extensions) as if it were made on the last day of the preceding tax year, provided the board of directors authorized it in that preceding year.