In 2020 Webtel Corporation Donated $50,000 to a Qualifying Charity

question 121

Essay

In 2020 Webtel Corporation donated $50,000 to a qualifying charity. For the year, it reported taxable income of $310,000, which included the following: the $50,000 charitable contribution (before limitation), a $100,000 dividends received deduction, and a $20,000 net operating loss carryover. What is Webtel Corporations charitable contribution deduction?

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Definitions:

Uncooperative

Characterized by a lack of willingness or refusal to work together with others in a collaborative or cooperative manner.

Unassertive

Characterized by a lack of confidence or forcefulness in expressing one's views or desires.

Accommodation

The process or act of adjusting or adapting one's environment to meet individual needs or preferences.

Cooperative

A business or organization owned and operated for the mutual benefit of its members, who share in its profits or benefits.