Which of the following statements regarding excess charitable contributions (contributions in excess of the modified taxable income limitation) by corporations is true?
A) Corporations may not carry over or carry back excess charitable contributions.
B) Corporations can carry excess charitable contributions over to a future year or back to a prior year.
C) Corporations can carry excess charitable contributions over to a future year but not back to a prior year.
D) Corporations can carry excess charitable contributions back to a prior year but not over to a future year.
Correct Answer:
Verified
Q94: If a corporation's cash charitable contributions exceed
Q95: Remsco has taxable income of $74,000 and
Q96: Jazz Corporation owns 10 percent of the
Q97: What is the unextended due date of
Q98: Which of the following is deductible in
Q100: Jazz Corporation owns 50percent of the Mitchell
Q101: Atom Ventures Incorporated (AV)owns stock in the
Q102: In 2020 Webtel Corporation donated $50,000 to
Q103: Pure Action Cycles Incorporated, a bicycle manufacturer,
Q104: On January 1, 2019, GrowCo issued 50,000
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents