. Citradoria Corporation is a regular corporation that contributes $35,000 cash to qualified charitable organizations during 2010. The corporation has net operating income of $140,000 before deducting the contributions, and dividends received from domestic corporations (ownership in all corporations is less than 20 percent) in the amount of $20,000. a. What is the amount of Citradoria Corporation’s allowable deduction for charitable contributions for the current year? b. What may the corporation do with any excess amount of contributions?
Citradoria Corporation is a regular corporation that contributes $35,000 cash to qualified charitable organizations during 2010. The corporation has net operating income of $140,000 before…
