Louisiana Land Corporation reported the following results for the current year: What is the amount of the taxable income for the current year?

Name: Louisiana Land Corporation reported the following results for the current year: What is the amount of the taxable income for the current year?
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Question

Louisiana Land Corporation reported the following results for the current year:  What is the amount of the taxable income for the current year?

Quizplus · Accepted Answer

B)The charitable contributions deduction is $320,000 × .10 = $32,000.Thus,taxable income is $320,000 - 32,000 - 20,000 = $268,000.The amount of the carryforward is $28,000 ($60,000 - $32,000).

Louisiana Land Corporation Reported the Following Results for the Current