Kingbird Corporation a Calendar Year C Corporation) Reports the Following

question 46

Multiple Choice

Kingbird Corporation a calendar year C corporation) reports the following income and expenses this year: $\begin{array}{lr}\text { Income from operations } & \$ 200,000 \\\text { Expenses from operations } & 140,000 \\\text { Dividends received (15\% ownership) } & 15,000\end{array}$ On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $9,000 in cash not included in any of the above items) . Determine Kingbird's charitable contribution deduction.

• A) $9,000
• B) $7,500
• C) $6,750
• D) $6,525
• E) None of these.

---

Definitions:

Stockholders

Owners of a corporation due to their purchase of stock in the corporation.

Family-Owned Businesses

Enterprises owned and operated by members of one or more families, often passed down through generations.

Closed Corporations

A type of corporation that is held by a few owners, does not offer its stocks for public sale, and is exempt from certain regulations.

Written Agreement

A legally binding document outlining terms, conditions, rights, and duties agreed upon by two or more parties.