In 2020 Webtel Corporation Donated $55,500 to a Qualifying Charity

question 58

Essay

In 2020 Webtel Corporation donated $55,500 to a qualifying charity. For the year, it reported taxable income of $365,000, which included the following: the $55,500 charitable contribution (before limitation), a $111,000 dividends received deduction, and a $21,100 net operating loss carryover. What is Webtel Corporations charitable contribution deduction?

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Definitions:

Factoring

The process of breaking down an expression into a product of simpler factors.

Equation

A declaration that confirms two expressions are identical, often including at least one variable.

Factoring

The mathematical process of breaking down an expression into a product of its simpler factors.

Factoring

The process of breaking down an equation or number into its constituent parts, or 'factors', that multiply together to form the original number or equation.