Which of the following is unnecessary to allow an accrual-method corporation to deduct charitable contributions before actually paying the contribution to charity?
A) Approval of the payment from the board of directors.
B) Approval from the IRS prior to making the contribution.
C) Payment made within three and one-half months of the tax year-end.
D)All of these are necessary.

Question

Quizplus · Accepted Answer

Approval from the IRS prior to making the contribution is unnecessary. A corporation can deduct charitable contributions before paying them as long as there is approval from the board of directors and the payment is made within three and one-half months of the tax year-end. However, obtaining approval from the IRS is not a requirement for this deduction.

Which of the Following Is Unnecessary to Allow an Accrual-Method