Corporations are not allowed to deduct charitable contributions in excess of a percentage of modified taxable income limitation (before the charitable contribution and certain other deductions).

Question

Quizplus · Accepted Answer

This is true. For corporations, the limit is generally 10% of their taxable income before deducting charitable contributions and certain other items. Any excess contribution can be carried forward for up to five years.

Corporations Are Not Allowed to Deduct Charitable Contributions in Excess