The Peach Corporation Is a Regular Corporation That Contributes $25,000

question 14

Essay

The Peach Corporation is a regular corporation that contributes $25,000 cash to qualified charitable organizations during the current year. The corporation has net taxable income of $190,000 before deducting the contributions.
a.What is the amount of Peach Corporation's allowable deduction for charitable contributions for the current year?
b.What may the corporation do with any excess amount of contributions?

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Definitions:

Racial Segregation

Is the systematic separation of people into racial or ethnic groups in daily life.

Plessy v. Ferguson

The 1896 Supreme Court decision that upheld the constitutionality of racial segregation under the “separate but equal” doctrine.

Racial Segregation

The enforced separation of different racial groups within a country, community, or establishment, often resulting in discriminatory practices.

Civil War Amendments

Refers to the 13th, 14th, and 15th amendments to the United States Constitution, which abolished slavery, granted citizenship rights, and protected voting rights regardless of race, respectively.