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:

Motivated to Learn

Having the inner drive or desire to gain knowledge or skills through study, experience, or teaching.

Peer Influence

The effect that the attitudes, values, and behaviors of peers have on one’s own attitude, values, and behaviors.

Primary Sex Characteristics

Biological and physiological features present at birth that define the male and female sexes, such as reproductive organs.

Secondary Sex Characteristics

The physical features that emerge during puberty, which are not directly involved in reproduction but distinguish the sexes.