The Peach Corporation Is a Regular Corporation That Contributes $25,000

question 14

Essay

The Peach Corporation is a regular corporation that contributes $25,000 cash to qualified charitable organizations during the current year. The corporation has net taxable income of $190,000 before deducting the contributions.
a.What is the amount of Peach Corporation's allowable deduction for charitable contributions for the current year?
b.What may the corporation do with any excess amount of contributions?

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Definitions:

Family Matters

Family Matters is a term used to denote issues, activities, or situations that involve or affect the family unit.

Privacy

The right of individuals to keep their personal information out of public view and to control the dissemination of that information.

Family Arrangement

Refers to the structure or make-up of a family unit, including the relationships between members and their roles within the family.

Married Parents

Refers to two individuals who are legally married and are the parents or legal guardians of one or more children.