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Parentcos separate taxable income was 350000 and subcos was

Question - ParentCo's separate taxable income was $350,000, and SubCo's was $225,000. Consolidated taxable income before contributions was $400,000. Charitable contributions made by the affiliated group included $15,000 by ParentCo and $20,000 by SubCo. Compute the group's charitable contribution deduction.

$57,500.

$40,000.

$35,000.

$0.

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Accounting Basics: Parentcos separate taxable income was 350000 and subcos was

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Accounting Basics: Parentcos separate taxable income was 350000 and subcos was

Reference No:- TGS02613819

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