In 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 2022? Assume the charitable donation is not a qualified contribution because LAA Incorporated did not make the necessary election. Charitable contribution deduction for 2022
In 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 2022? Assume the charitable donation is not a qualified contribution because LAA Incorporated did not make the necessary election. Charitable contribution deduction for 2022
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 40P
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Transcribed Image Text:In 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
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