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

question 97

True/False

Heron Corporation, a calendar year C corporation, had an excess charitable contribution for 2011 of $5,000. In 2012, Heron made a further charitable contribution of $20,000. Heron's 2012 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:

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different customers, based on factors like willingness to pay, customer location, or purchase volume.

Vacation Travelers

Individuals who are traveling for the purpose of leisure or holiday.

Price Discrimination

The strategy of selling the same product to different customers at different prices based on factors such as willingness to pay, not production costs.

Bakery

A place where bread, pastries, cakes, and other baked goods are made or sold.