A corporation's excess charitable contributions over the amount deductible
A)May be carried back two years and forward 20 years.
B)May be carried back or forward for two years at the corporation's election.
C)May be carried forward for a maximum of five succeeding years.
D)Is not deductible in any future or prior year.

Question

Quizplus · Accepted Answer

Excess charitable contributions by a corporation may be carried forward for a maximum of five succeeding years. They are not eligible for carryback. Therefore, option A and B are incorrect. Option D is also incorrect as excess charitable contributions are deductible in the future.

A Corporation's Excess Charitable Contributions Over the Amount Deductible