Which of the following statements regarding excess charitable contributions(contributions in excess of the modified taxable income limitation) by corporations is true?
A) Corporations can carry excess charitable contributions over to a future year but not back to a prior year.
B) Corporations can carry excess charitable contributions over to a future year or back to a prior year.
C) Corporations may not carry over or carry back excess charitable contributions.
D) Corporations can carry excess charitable contributions back to a prior year but not over to a future year.

Question

Quizplus · Accepted Answer

Corporations can carry excess charitable contributions forward for up to five years, but they cannot carry them back to a prior year.

Which of the Following Statements Regarding Excess Charitable Contributions(contributions in Excess