Eagle, Inc

question 26

True/False

Eagle, Inc. made a contribution to the Boy Scouts of $25,000 during its current tax year. The corporation's taxable income before any charitable contribution deduction was $200,000. The corporation has a current charitable contribution deduction of $25,000.

---

Definitions:

Real Estate Sales Agreement

A legally binding contract between a buyer and a seller outlining the terms and conditions of the sale of real property.

Legal Description

A precise way of describing a piece of land in legal documents.

Contingent

Dependent on certain conditions or events which must occur before an agreement or commitment is fulfilled.

Temporary Insurance

Short-term insurance coverage provided to an individual or entity until a permanent insurance policy is issued.