For 2020, corporations are allowed a deduction for charitable contributions, limited to 25 percent of taxable income before the deduction.

Name: For 2020, corporations are allowed a deduction for charitable contributions, limited to 25 percent of taxable income before the deduction.
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This is correct according to the Internal Revenue Service (IRS). However, there may be some specific limitations and rules for certain types of charitable contributions or organizations.

For 2020, Corporations Are Allowed a Deduction for Charitable Contributions