During the current year,Gray Corporation,a C corporation in the financial services business,made charitable contributions to qualified organizations as follows:

Gray Corporation's taxable income (before any charitable contribution deduction) is $1.8 million.
a.What is the total amount of Gray's charitable contributions for the year?
b.What is the amount of Gray's charitable contribution deduction in the current year, and what happens to any excess charitable contribution, if any?

Question

During the current year,Gray Corporation,a C corporation in the financial services business,made charitable contributions to qualified organizations as follows:
​
  
Gray Corporation's taxable income (before any charitable contribution deduction) is $1.8 million. 
a.What is the total amount of Gray's charitable contributions for the year?
b.​What is the amount of Gray's charitable contribution deduction in the current year, and what happens to any excess charitable contribution, if any?

Quizplus · Accepted Answer

The Answer of During the current year,Gray Corporation,a C corporation in the financial services business,made charitable contributions to qualified organizations as follows:
​
  
Gray Corporation's taxable income (before any charitable contribution deduction) is $1.8 million. 
a.What is the total amount of Gray's charitable contributions for the year?
b.​What is the amount of Gray's charitable contribution deduction in the current year, and what happens to any excess charitable contribution, if any?

During the Current Year,Gray Corporation,a C Corporation in the Financial