Heron Corporation, a Calendar Year C Corporation, Had an Excess

question 76

True/False

Heron Corporation, a calendar year C corporation, had an excess charitable contribution for 2015 of $5,000. In 2016, Heron made a further charitable contribution of $20,000. Heron's 2016 deduction is limited to $15,000 (10% of taxable income). The 2016 contribution must be applied first against the $15,000 limitation.

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Definitions:

Stress

A psychological and physical response to external pressures or threats, which can disrupt an individual's mental or physical well-being.

SRRS

The Social Readjustment Rating Scale, a scale designed to measure the stress load one experiences from various life events.

Major Health Problem

A significant or widespread issue affecting the health of a population.

80% Risk

A statistical term indicating an 80 percent probability that a specific event will occur or that a condition will develop.