Corporations Are Not Allowed to Deduct Charitable Contributions in Excess

question 108

True/False

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

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Definitions:

Seasonal Effects

The variations in natural or social phenomena that occur at specific times of the year due to Earth's changing position relative to the sun.

Isotopes

Variants of a particular chemical element that have the same number of protons but different numbers of neutrons.

Evaporation

The process by which water changes from a liquid to a gas or vapor, a key part of the Earth's water cycle and energy balance.

Precipitation

Any form of water, liquid or solid, that falls from the atmosphere and reaches the ground, including rain, snow, sleet, and hail.