Which of the Following Is Unnecessary to Allow an Accrual-Method

question 126

Multiple Choice

Which of the following is unnecessary to allow an accrual-method corporation to deduct charitable contributions before actually paying the contribution to charity?

• A) Approval of the payment from the board of directors.
• B) Approval from the IRS prior to making the contribution.
• C) Payment made within three and one-half months of the tax year-end.
• D)All of these are necessary.

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Definitions:

Advantages

The favorable positions or conditions gained by a person or organization that provide a better opportunity for success.

Disadvantages

Negative or unfavorable aspects and conditions that hinder success or effectiveness.

Labor Costs

Expenses related to compensating employees, including wages, salaries, benefits, and taxes, incurred by an employer.

Pay System

The structure and methodology an organization uses to compensate its workers, encompassing salary, wages, bonuses, and benefits.