Accrual-Method Corporations Are Not Allowed to Deduct Charitable Contributions Unless

question 111

True/False

Accrual-method corporations are not allowed to deduct charitable contributions unless they actually make payment to the charity by year-end.

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Definitions:

Sole Stockholder

A single individual or entity that owns 100% of the shares of a corporation.

Corporate Entity

A corporate entity is a company or group that is authorized to act as a single entity and recognized as such in law, separate from its shareholders.

Promoter

An individual or entity that takes the initiative in founding and organizing a business or enterprise, often before it’s officially established.

Sole Shareholder

An individual or entity that owns 100% of the shares of a corporation, maintaining complete control.