Leon Fiero has 2020 Net Income For Tax Purposes and Taxable Income of $70,400. Each week, without fail, he plays a nation-wide lottery. While over the years he has not had any winnings of consequence, his fortunes changed in 2019, when he won over $320,000. As he had hoped to do for many years, he donated $120,000 of these winnings to the Canadian Cancer Society in 2019. He chose to claim $15,000 of his donations in 2019.
Determine Mr. Fiero's maximum charitable donations tax credit for 2020. Until what year can he claim any unused portions of his 2019 donation?

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The Answer of Leon Fiero has 2020 Net Income For Tax Purposes and Taxable Income of $70,400. Each week, without fail, he plays a nation-wide lottery. While over the years he has not had any winnings of consequence, his fortunes changed in 2019, when he won over $320,000. As he had hoped to do for many years, he donated $120,000 of these winnings to the Canadian Cancer Society in 2019. He chose to claim $15,000 of his donations in 2019.
Determine Mr. Fiero's maximum charitable donations tax credit for 2020. Until what year can he claim any unused portions of his 2019 donation?

Leon Fiero Has 2020 Net Income for Tax Purposes and Taxable