Heron Corporation,a Calendar Year C Corporation,had an Excess Charitable Contribution

question 100

True/False

Heron Corporation,a calendar year C corporation,had an excess charitable contribution for 2016 of $5,000.In 2017,Heron made a further charitable contribution of $20,000.Heron's 2017 deduction is limited to $15,000 (10% of taxable income).The 2017 contribution must be applied first against the $15,000 limitation.

---

Definitions:

Piaget's Theory

A theory of cognitive development that describes how children develop logical thinking from infancy through adolescence through a series of stages.

Culture

The shared beliefs, practices, norms, and values of a group of people that are passed down from generation to generation.

Egocentric Thought

A way of thinking in which an individual perceives the world solely from their own perspective, often seen in young children.

Sensorimotor

The first stage of Jean Piaget's theory of cognitive development, where infants explore the world and learn about it through their senses and motor activities.