Which of the Following Statements Regarding Excess Charitable Contributions (Contributions

question 29

Multiple Choice

Which of the following statements regarding excess charitable contributions (contributions in excess of the modified taxable income limitation) by corporations is true?

• A)Corporations may not carry over or carry back excess charitable contributions.
• B)Corporations can carry excess charitable contributions over to a future year or back to a prior year.
• C)Corporations can carry excess charitable contributions over to a future year but not back to a prior year.
• D)Corporations can carry excess charitable contributions back to a prior year but not over to a future year.

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Definitions:

Guarding

A reflex contraction of the abdominal muscles, often in response to pain from underlying organs or inflammation.

Prefix

A word, letter, or number placed before another.

Root

The part of a plant that typically lies below the surface of the soil, anchoring the plant and absorbing water and nutrients.

Suffix

An affix placed at the end of words to alter their meaning or create new words.