With Respect to Charitable Contributions by Corporations,all of the Following

question 101

Multiple Choice

With respect to charitable contributions by corporations,all of the following rules apply with the exception of

• A)unused contributions are carried forward 5 years.
• B)the amount of the contribution deduction is always the adjusted basis of the property contributed.
• C)contributions are limited to 10% of taxable income,computed without regard to the charitable contribution deduction,NOL and capital loss carrybacks,or the dividend-received deduction.
• D)accrual-basis corporations may accrue a contribution deduction in the year preceding payment if the board of directors authorizes such payment prior to the end of the tax year,and the payment is actually made within two and one-half months following the end of the tax year.

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Definitions:

Ghrelin

A substance primarily generated by the stomach, which encourages the feeling of hunger and communicates the need to eat to the brain.

Huge Appetite

An unusually large desire to consume food, which can be driven by physiological, psychological, or emotional factors.

Gain Weight

The process of increasing body mass through accumulation of fat, muscle, or other substances.

Set Point

A theoretical value in biology and psychology that the body or mind aims to maintain through various regulatory mechanisms.