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

question 98

True/False

Heron Corporation, a calendar year C corporation, had an excess charitable contribution for 2017 of $5,000. In 2018, Heron made a further charitable contribution of $20,000. Heron's 2018 deduction is limited to $15,000 (10% of taxable income). The 2018 contribution must be applied first against the $15,000 limitation.

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Definitions:

Public Agencies

Governmental organizations that operate at the local, state, or federal level, providing services and enacting policies for the public good.

Grandparents

The parents of one's parents, often playing significant roles in family structures and child development.

Adult Children

Individuals who are legally adults but are considered children in relation to their parents or familial context.

Caregiver

An individual who provides care for another person, such as a child, elderly, or someone with a disability.