In 2023, LAA Incorporated made a charitable donation of $118,000 to the Trevor Project (a qualifying charity). For the year, LAA reported taxable income of $568,000, which included a $118,000 charitable contribution deduction (before limitation) and a $51,800 dividends-received deduction, and a $118,000 net operating loss carryover from 2022. What is LAA Incorporated's charitable contribution deduction for 2023? Assume the charitable donation is not a qualified contribution because LAA Incorporated did not make the necessary election. X Answer is complete but not entirely correct. $ 737,800 X Charitable contribution deduction for 2023

In 2023, LAA Incorporated made a charitable donation of $118,000 to the Trevor Project (a qualifying charity). For the year, LAA reported taxable income of $568,000, which included a $118,000 charitable contribution deduction (before limitation) and a $51,800 dividends-received deduction, and a $118,000 net operating loss carryover from 2022. What is LAA Incorporated's charitable contribution deduction for 2023? Assume the charitable donation is not a qualified contribution because LAA Incorporated did not make the necessary election. X Answer is complete but not entirely correct. $ 737,800 X Charitable contribution deduction for 2023

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 39P

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In 2022, LAA Incorporated made a charitable donation of $118,000 to the Trevor Project (a qualifying charity). For the year, LAA reported taxable income of $568,000, which included a $118,000 charitable contribution deduction (before limitation) and a $51,800 dividends-received deduction. What is LAA Incorporated's charitable contribution deduction for 20227 Assume the charitable donation is not a qualified contribution because LAA Incorporated did not make the necessary election. Charitable contribution deduction for 2022
In 2022, OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Required: a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2022, what is the carryover to 2023, and when does the carryover expire? b. Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023? Is the difference favorable or unfavorable? Is it permanent or temporary? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B What amount of…
In 2022, OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Required: a. What amount of the $400,000 donation is OCC, allowed to deduct for tax purposes in 2022, what is the carryover to 2023, and when does the carryover expire? b. Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023? Is the difference favorable or unfavorable? Is it permanent or temporary? Complete this question by entering your answers in the tabs below. Required A Required B What amount of the $400,000 donation is OCC allowed to…
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In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire?
Required information [The following information applies to the questions displayed below.] In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire? Deductible donation Carryover Carryover expire
Required information [The following information applies to the questions displayed below.] In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, Occ reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2021, wh when does the carryover expire? the carryover to 2022, and Deductible donation Carryover Carryover expire
Check my work mode : This shows what is correct or incorrect for the work you have completed se Required information [The following information applies to the questions displayed below.] In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire? Answer is complete but not entirely correct. LG
Check my work mode : This shows what is correct or incorrect for the work you have com Required information [The following information applies to the questions displayed below.] In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,00 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowwed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire? XAnswer is complete but not entirely correct. Deductible donation 2$ 146,000 X Carryover $ 54,000 X Carryover expire 2031 X Ac Graw Hill .... ... .
The Watson Foundation, a private not-for-profit entity, starts 2024 with cash of $100,000; contributions receivable (net) of $200,000; investments of $300,000; and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000 was purpose restricted, whereas the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty percent of the purpose-restricted net assets had to be used to help pay for a new building. The remainder was restricted to the payment of officer salaries. Donors made no stipulations about the eventual reporting of buildings and other long-lived assets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative). During the current year, Watson Foundation has the following transactions: Computes interest of…
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1. A donor contributed $100,000 in cash to Goodwill Industries in 2020. The donor specified that the contribution be held as a permanent endowment, and income from investment of the contribution be used for job training programs. Goodwill Industries invested the $100,000 in securities in 2020. During 2021, investment income of $3,000 was received in cash, and $2,500 was used for job training programs. How does Goodwill Industries report this on its 2021 statement of activities? Select one: A. $3,000 investment income increases net assets without donor restrictions; $2,500 expense decreases net assets without donor restrictions. B. $3,000 investment income increases net assets with donor restrictions; $2,500 net assets released from use restrictions decreases net assets with donor restrictions and increases net assets without donor restrictions; $2,500 expense reduces net assets without donor restrictions. C. $3,000 investment income increases net assets without donor restrictions;…