The Peach Corporation Is a Regular Corporation That Contributes $25,000

question 40

Essay

The Peach Corporation is a regular corporation that contributes $25,000 cash to qualified charitable organizations during 2013.The corporation has net taxable income of $200,000 before deducting the contributions.
a.What is the amount of Peach Corporation's allowable deduction for charitable contributions for the current year?
b.What may the corporation do with any excess amount of contributions?

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