Heron Corporation, a Calendar Year C Corporation, Had an Excess

question 38

True/False

Heron Corporation, a calendar year C corporation, had an excess charitable contribution for 2010 of $5,000. In 2011, Heron made a further charitable contribution of $20,000. Heron's 2011 deduction is limited to $15,000 (10% of taxable income). The current year's contribution must be applied first against the $15,000 limitation.

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Definitions:

Initially Identified

The first recognition or discovery of something or someone in a particular context.

Tightly Controlled Conditions

Experimental settings where variables are strictly managed to ensure that the results can be accurately attributed to the factors being tested.

Hypotheses

Proposed explanations or predictions for a phenomenon, made as a starting point for further investigation.

Indirect Observations

Observations made through the use of instruments or tools rather than through direct sensory experience.