Solved: Lumis had made charitable contributions in the preceding, Accounting Basics

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Lumis had made charitable contributions in the preceding

The following information pertains to Lumis Corporation's operations for the year:

Operating income $500,000
Capital gain 100,000
Capital loss (250,000)
Dividend income (< 20% owned) 50,000
Tax-free municipal bond interest income 50,000

In addition to the above, Lumis had made charitable contributions in the preceding year that could not be deducted due to the 10% of TI limit in the amount of $15,000, which were carried over to the current taxable year for deduction, if allowed.

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Accounting Basics: Lumis had made charitable contributions in the preceding

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Accounting Basics: Lumis had made charitable contributions in the preceding

Reference No:- TGS02571153

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