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

question 17

True/False

Heron Corporation, a calendar year C corporation, had an excess charitable contribution for 2018 of $5,000. In 2019, Heron made a further charitable contribution of $20,000. Heron's 2019 deduction is limited to $15,000 (10% of taxable income). The 2019 contribution must be applied first against the $15,000 limitation.

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Definitions:

Cobalt

A chemical element with symbol Co and atomic number 27, known for its blue-colored compounds and magnetic properties.

Fe

Symbol for Iron, a chemical element with atomic number 26, known for its strength and magnetic properties.

Electrons

Negatively charged subatomic particles orbiting the nucleus of an atom involved in chemical bonds and electrical conduction.

Atom

The smallest unit of ordinary matter that forms a chemical element, consisting of a nucleus surrounded by electrons.