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

question 98

True/False

Heron Corporation, a calendar year C corporation, had an excess charitable contribution for 2017 of $5,000. In 2018, Heron made a further charitable contribution of $20,000. Heron's 2018 deduction is limited to $15,000 (10% of taxable income). The 2018 contribution must be applied first against the $15,000 limitation.

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Definitions:

Independent Variable

A factor that is intentionally changed to see its impact on an outcome variable in a study.

Dependent Variable

The variable in an experiment or study whose changes are determined by the presence or variation of one or more independent variables.

Mediating Variable

A type of variable in statistical analysis that explains the relationship between two other variables, often indicating the mechanism through which an effect occurs.

Intervening Variable

An intervening variable is a hypothetical concept that explains the relationship between the independent (causal) and dependent (effect) variables in an experiment.