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- jituCheck my work mode : This shows what is correct or incorrect for the work you have com Required information [The following information applies to the questions displayed below.] In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,00 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowwed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire? XAnswer is complete but not entirely correct. Deductible donation 2$ 146,000 X Carryover $ 54,000 X Carryover expire 2031 X Ac Graw Hill .... ... .Use Patty's charitable contribution information from the above question to answer the following question: Now Assume that Patty's AGI for 2023 is $125,000. Calculate Patty's itemized deduction for charitable contributions for 2023 based on the above information, considering all relevant AGI limitations.
- Which of the following are characteristics of a gift tax charitable deduction? It is only for the amount of the charitable gift in excess of the annual exclusion amount. It allows up to 50% of the value of the gifted property to go to charity free of gift tax. The donee charity assumes any gift tax liability. It is available only for gifts to a qualified charity. A) II and III B) I and IV C) III and IV D) I and IIFor 2022, determine the deductible charitable contribution in each of the following instances: Required: a. Charitable contribution of $4,000 and taxable income before charitable contribution of $50,000. b. Charitable contribution of $8,000 and taxable income before charitable contribution of $50,000. c. Charitable contribution of $4,800 and taxable income before charitable contribution of $50,000. Taxable income includes a net operating loss carryforward of $5,000. d. Charitable contribution of $4,800 and taxable income before charitable contribution of $40,000. Taxable income includes a capital loss carryback of $5,000. Answer is complete but not entirely correct. Amount a. Deductible charitable contributions b. Deductible charitable contributions c. Deductible charitable contributions d. Deductible charitable contributions $ 4,000✔ $ $ $ 4,800 X 8,000 X 4.800✔Robin, a C corporation, had revenues of $417,500 and operating expenses of $75,000. Robin also received a $20,000 dividend from a domestic corporation and is entitled to a $10,000 dividend-received deduction. Robin donated $50,000 to a qualified charitable organization in the current year. What is Robin's contribution deduction A. $34,250 B. $35,250 C. $36,250 D. $50,000 17. A nonliquidating distribution from a C corporation may be treated by the shareholder as each of the following except A. Ordinary income. B. Nontaxable return of capital. C. Capital gain. D. Capital loss 23.A C corporation had accumulated negative earnings and profits (E&P) of $15,000 at the beginning of Year 4. Year 4's current E&P is $10,000. On the last day of Year 4, the corporation made a $12,500 cash distribution to its shareholders. Assuming the shareholders have sufficient basis, what amount of the distribution is reported as a nontaxable return of…
- Make the appropriate calculations in each of the following independent situations presented below. In its first year of operation, the MFG Corporation, a regular corporation contributes $35,000 cash to a qualified charitable organization during the current tax year. The corporation has net operating income of $145,000 before deducting the contributions, and dividends received from domestic corporations, of $25,000. What is the amount of MFG’s allowable deduction for charitable contribution? Gloria, in forming a new corporation transfers land to the corporation in exchange for 100% of the stock of the corporation. Gloria’s basis in land is $275,000 and the corporation assumes a liability on the property in the amount of $300,000. The stock received by Gloria has a fair market value of $550,000. Give the amount of gain or loss that must be recognized by Gloria on this transaction. Kingdom Corporation is a manufacturing corporation that has accumulated earnings of $975,000. It can…In 2022, OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Required: a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2022, what is the carryover to 2023, and when does the carryover expire? b. Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023? Is the difference favorable or unfavorable? Is it permanent or temporary? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B What amount of…