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- The Pooch Corporation is a regular corporation that contributes $15,000 cash to qualified charitable organizationsduring the current year. The corporation has net taxable income of $160,000 before deducting the contributions.a. What is the amount of Pooch Corporation's allowable deduction for charitable contributions forthe current year?b. What may the corporation do with any excess amount of contributions?In year 1 (the current year), Angel Corp. made a charitable donation of $550,000 to the Roof Over Peoples' Head Foundation (a qualifying charity). For the year, Angel reported taxable income of $4,000,000 before deducting any charitable contributions and before deducting its $90,000 dividends received deduction. Required: A. What amount of the $550,000 donation is Angel allowed to deduct for tax purposes in year 1? B. In year 2, Angel did not make any charitable contributions. It reported taxable income of $7,00,000 before any charitable contribution deductions and before a $120,000 dividends received deduction. What book-tax difference associated with the charitable contributions will Angel report in year 2? Is the difference favorable or unfavorable? Is it permanent or temporaryIn 2022, LAA Incorporated made a charitable donation of $118,000 to the Trevor Project (a qualifying charity). For the year, LAA reported taxable income of $568,000, which included a $118,000 charitable contribution deduction (before limitation) and a $51,800 dividends-received deduction. What is LAA Incorporated's charitable contribution deduction for 20227 Assume the charitable donation is not a qualified contribution because LAA Incorporated did not make the necessary election. Charitable contribution deduction for 2022
- Remsco has taxable income of $67,000 and a charitable contribution limit modified taxable income of $75,500. Its charitable contributions for the year were $7,780. What is Remsco's current-year charitable contribution deduction and contribution carryover? Multiple Choice $6,700 current-year deduction; $1,080 carryover. $7,780 current-year deduction; $0 carryover. $850 current-year deduction; $6,930 carryover. $7,550 current-year deduction; $230 carryover.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 $20,000 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 allowed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire?In Its first year (2021), Barsky Corporation made charitable contributions totaling $70,000. The corporation's taxable Income before any charitable contribution deduction was $250,000. In its second year (2022), Barsky made charitable contributions of $15,000 and earned taxable income before the contribution deduction of $300,000. Required: a. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its first year. Allowable charitable contribution deduction Final taxable income Allowable charitable contribution deduction Final taxable income S S $ $ Amount b. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its second year. 25,000 225,000 Amount 20,000 280,000
- In its first year (2021), Barsky Corporation made charitable contributions totaling $70,000. The corporation's taxable income before any charitable contribution deduction was $250,000. In its second year (2022), Barsky made charitable contributions of $15,000 and earned taxable income before the contribution deduction of $300,000. Required: a. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its first year. Answer is complete but not entirely correct. Amount S 25,000 S 225,000 Allowable charitable contribution deduction Final taxable income b. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its second year. Answer is complete but not entirely correct. Allowable charitable contribution deduction Final taxable income S 669 $ Amount 20,000 X 280,000Determine the deductible charitable contribution in each of the following instances. Required: a. Charitable contribution of $2,700 and taxable income before charitable contribution of $44,000. b. Charitable contribution of $5.400 and taxable income before charitable contribution of $44.000. c. Charitable contribution of $3,175 and taxable income before charitable contribution of $44,000. Taxable income includes a net operating loss carryforward of $3,750. d. Charitable contribution of $3,175 and taxable income before charitable contribution of $35,900. Taxable income includes a capital loss carryback of $3,750. Amount a. Deductible charitable contributions b. Deductible charitable contributions c. Deductible charitable contributions d. Deductible charitable contributionsIn 2021, LAA Incorporated made a charitable donation of $151,500 to the American Red Cross. For the year, LAA reported taxable income of $622,000, which included a $151,500 charitable contribution deduction (before limitation), a $68,500 dividends-received deduction, and a $18,100 net operating loss carryover from year 2020. What is LAA Incorporated's charitable contribution deduction for 2021? Assume the charitable donation is not a qualified contribution because LAA Incorporated. Did not make the necessary election. Charitable contribution deduction for year 1