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During the Current Year, Sage Corporation (A Calendar Year Taxpayer)

question 5

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During the current year, Sage Corporation (a calendar year taxpayer) had the following income and expenses:  Income from operations $200,000 Expenses from operations 125,000 Qualifying dividends from domestic corporation  in which Sage owns a 40% interest 17,000 NOL carryover from prior year 2,000\begin{array}{lr}\text { Income from operations } & \$ 200,000 \\\text { Expenses from operations } & 125,000 \\\text { Qualifying dividends from domestic corporation } &\\\text { in which Sage owns a } 40 \% \text { interest }&17,000\\\text { NOL carryover from prior year }&2,000\end{array} On October 1, Sage Corporation made a contribution to a qualified charitable organization of $25,000 in cash (not included in any of the above items) .Determine Sage Corporation's charitable contribution deduction for the current year.


Definitions:

Proposition

An affirmation that offers an opinion or judgment.

Implicit Memory

Unconscious recall, generally of habits and skills; sometimes called procedural memory.

Explicit Memory

Intentional and conscious memory, generally of facts, names, and events.

Extra-sensory Perception

The claimed ability to gain information through means beyond the traditional five senses; also known as ESP or sixth sense.

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