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:

Quiet Possession

The right of a tenant or property owner to use and enjoy their property without interference.

Acceleration Clause

A provision in a loan or mortgage agreement allowing the lender to demand payment of the entire loan balance under certain conditions.

Maintenance and Improvement

Activities focused on preserving a property's condition and implementing changes or enhancements to raise its value.

Entitled to Sell

Having the legal right or authorization to sell a particular property or item.