If a Corporation's Charitable Contributions Exceed the Deduction Limitation in a Particular

question 67

Multiple Choice

If a corporation's charitable contributions exceed the deduction limitation in a particular year, the excess

• A)is not deductible in any future year.
• B)becomes a carryover to a maximum of five succeeding years.
• C)may be carried back to the third preceding year.
• D)is carried over indefinitely.

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Definitions:

Hardship Case

An instance or situation in which an individual or group faces significant adversity or difficulty, often used in legal, financial, or medical contexts to denote special circumstances that require consideration.

Medicaid

A federally funded health cost–assistance program for low-income, blind, and disabled patients; families receiving aid to dependent children; foster children; and children with birth defects.

County Assistance

Programs and services provided by a county government to support its residents, especially in health, financial, or emergency situations.

Finance Charges

Costs associated with borrowing money, including interest and other fees.