Corporations Are Not Allowed to Deduct Charitable Contributions in Excess

question 84

True/False

Corporations are not allowed to deduct charitable contributions in excess of 10percent of the corporation's taxable income (before the charitable contribution and certain other deductions).

---

Definitions:

ECT

Electroconvulsive Therapy is a mental health treatment where seizures are deliberately triggered in patients using electrical currents to alleviate symptoms of mental illnesses.

Second-Generation Antidepressants

A group of antidepressant medications that include selective serotonin reuptake inhibitors (SSRIs), serotonin-norepinephrine reuptake inhibitors (SNRIs), and others, often preferred due to their favorable side effect profiles compared to first-generation antidepressants.

MAO Inhibitors

A class of antidepressant drugs that work by inhibiting the action of monoamine oxidase, an enzyme that breaks down neurotransmitters in the brain.

Tricyclics

A class of antidepressant drugs used to treat various mood disorders, characterized by their chemical structure and mechanism of action.