Sean Corporation's Operating Income Totals $200,000 for the Current Year

question 90

Multiple Choice

Sean Corporation's operating income totals $200,000 for the current year, including a deduction of $30,000 for actual charitable contributions. Dividend income of $10,000 was received from unaffiliated corporations and is not included in the $200,000. The related dividend received deduction has yet to be determined. To calculate the maximum allowable deduction for contributions, Sean should apply the percentage limitation to the base amount of

• A)$200,000
• B)$220,000
• C)$230,000
• D)$240,000
• E)$242,000

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