Bermuda Corporation Reports the Following Results in 2017 and 2018

question 111

Essay

Bermuda Corporation reports the following results in 2017 and 2018: $\begin{array}{|l|r|r|} \hline & \mathbf{2 0 1 7} &{\mathbf{2 0 1 8}} \\\hline \text { Adjusted taxable income } & \$ 400,000 & \$ 600,000 \\\hline \text { Charitable contributions } & 70,000 & 50,000 \\\hline\end{array}$ What is Bermuda's contribution deduction in 2017 and 2018? What is the disposition of any remaining amount?

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