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.

---

Definitions:

Sociometer Model

is a psychological theory suggesting that self-esteem is an internal gauge of the degree to which one is included versus excluded by others.

Self-Esteem

An individual’s subjective assessment of their own worth or value.

Communal Relationships

Interpersonal relationships where parties give and receive benefits in response to the other's needs, rather than for personal gain.

Social Species

Species that rely on social connections and groups for survival, exhibiting complex behaviors related to living in communities.