A corporation receives no dividends for the year and has no carryovers into the year. Its taxable income before any charitable contribution was $80,000. It donates land held for several years worth $50,000 in which it has a basis of $15,000. What would the deductible amount of the contribution be if the taxable income of $80,000 was after deducting a capital loss carryforward of $5,000 into the current year.
A corporation receives no dividends for the year and has no carryovers into the year. Its taxable income before any charitable contribution was $80,000. It donates land held for several years worth $50,000 in which it has a basis of $15,000. What would the deductible amount of the contribution be if the taxable income of $80,000 was after deducting a capital loss carryforward of $5,000 into the current year.
Chapter3: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 45P
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A corporation receives no dividends for the year and has no carryovers into the year. Its taxable income before any charitable contribution was $80,000. It donates land held for several years worth $50,000 in which it has a basis of $15,000.
What would the deductible amount of the contribution be if the taxable income of $80,000 was after deducting a capital loss carryforward of $5,000 into the current year.
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