Ellie Inc, a Calendar Year C Corporation, Wants to Make a a Gift

question 42

Multiple Choice

Ellie Inc., a calendar year C corporation, wants to make a gift to a charity that is deductible on its year 1 Form 1120. The gift must be made by Ellie:

• A) During year 1.
• B) During year 1 or 2.
• C) On or before April 15, year 2.
• D) On or before September 30, year 2.

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Definitions:

Subduction

A geologic process where one tectonic plate moves under another, sinking into the earth's mantle.

Caldera

A vast crater on a volcano, often resulting from a major eruption and subsequent collapse of the volcano's opening.

Magma

Igneous rocks form from this liquid rock that exists below the Earth's surface, cooling and solidifying over time.

Past Eruptions

Historical instances of volcanic activity where molten rock (lava), volcanic ash, and gases were expelled from a volcano.