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Jackel, Inc What Is Jackel's Charitable Contribution Deduction? What Is Jackel's Taxable

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Essay

Jackel, Inc. has the following information for the current tax year:  Gross sales $350,000 Cost of goods sold 50,000 Dividends reoived (10%) 40,000 Operating expenses 30,000 Charitable contributions 45,000\begin{array}{lr}\text { Gross sales } & \$ 350,000 \\\text { Cost of goods sold } & 50,000 \\\text { Dividends reoived (10\%) } & 40,000 \\\text { Operating expenses } & 30,000 \\\text { Charitable contributions } & 45,000\end{array} What is Jackel's charitable contribution deduction? What is Jackel's taxable income?


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