Corporations are not allowed to deduct charitable contributions in excess of 10percent of the corporation's taxable income (before the charitable contribution and certain other deductions).

Question

Quizplus · Accepted Answer

This is true based on the tax laws in the United States. Corporations can only deduct charitable contributions up to 10% of their taxable income. Any excess amount cannot be deducted in the current year, but can be carried forward to future years.

Corporations Are Not Allowed to Deduct Charitable Contributions in Excess