Question

in 2022, laa incorporated made a charitable donation of $100,000 to the trevor project (a qualifying charity). for the year, laa reported taxable income of $550,000, which included a $100,000 charitable contribution deduction (before limitation), a $50,000 dividends-received deduction, and a $10,000 net operating loss carryover from 2021. what is laa incorporated's charitable contribution deduction for 2022?

Answer 1

If a $50,000 dividends-received deduction, and a $10,000 net operating loss carryover from 2021. the  laa incorporated's charitable contribution deduction for 2022 is $70,000.

How to find the  charitable contribution deduction ?

First step is to find the taxable income before deduction

Taxable income before deductions = $550,000  + $100,000 + $50,000

Taxable income before deductions = $700,000

Now let find the charitable contribution deduction

Charitable contribution deduction  = $700,000 ×10%

Charitable contribution deduction = $70,000

Therefore the charitable contribution deduction is $70,000.

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