Chambers Corporation Is a Calendar Year Taxpayer Using the Accrual

question 16

Essay

Chambers Corporation is a calendar year taxpayer using the accrual method of accounting. Last year its board of directors authorizes a $20,000 contribution to the Boy Scouts. Chambers pays the contribution on March 12 of the current year. What is the maximum contribution allowed for last year? What is the maximum contribution allowed in the current year?

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