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

question 221

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) contributions are limited to 10% of taxable income, computed without regard to the charitable contribution deduction, NOL and capital loss carrybacks, or the dividends- received deduction.
• C) 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.
• D) the amount of the contribution deduction is always the adjusted basis of the property contributed.

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Definitions:

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