quired 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 reported taxable income of $1,500,000 before deducting any charitable contributions, before deduc dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assu qualified contribution.
quired 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 reported taxable income of $1,500,000 before deducting any charitable contributions, before deduc dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assu qualified contribution.
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 39P
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Question
![Check 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
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of 34
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Transcribed Image Text:Check 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
< Prev
17 18
of 34
Next >
.... ... .
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