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Sean Corporation's operating income totals $200,000 for the current year, including a deduction of $30,000 for actual charitable contributions. Dividend income of $10,000 was received from unaffiliated corporations and is not included in the $200,000. The related dividend received deduction has yet to be determined. To calculate the maximum allowable deduction for contributions, Sean should apply the percentage limitation to the base amount of
Total Assets
Total assets represent the sum of all assets owned by a company, indicating the resources it has at its disposal to generate revenue.
Owner's Equity
The portion of a company's total value that belongs to its owners or shareholders, calculated as the company's total assets minus its total liabilities.
Liabilities
Obligations or debts that a company owes to others, typically the sums of money due to creditors, suppliers, or tax departments.
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