What is omega''s charitable contributions deduction, Accounting Basics

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What is omega''s charitable contributions deduction

Omega Corporation reports the following results for the
current year:
Gross profits on sales $120,000
Dividends from less-than-20%-owned domestic corporations 40,000
Operating expenses 100,000
Charitable contributions (cash) 11,000
a. What is Omega's charitable contributions deduction for the current year and its charitable contributions carryover to next year, if any?
b. What is Omega's taxable income for the current year, assuming qualified production activities income is $20,000?

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Accounting Basics: What is omega''s charitable contributions deduction

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Recent Questions Asked Accounting Basics

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Accounting Basics: What is omega''s charitable contributions deduction

Reference No:- TGS070307

Recent Questions Asked Accounting Basics

Q : Does home have the strongest comparative advantage

Q : Recent economic turmoil

Q : What is the gain or loss she will recognize on the sale

Q : Authoritative guidance for asset impairments

Q : What is omega''s charitable contributions deduction

Q : Family income and confidence about the family''s future

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