Solved: Zeta charitable contributions deduction, Accounting Basics

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Zeta charitable contributions deduction

Question: Zeta Corporation reports the following results for 2006 and 2007:

Adjusted taxable income $180,000 $125,000
Charitable contributions (cash) 20,000 12,000

The adjusted taxable income is before Zeta claims any charitable contributions deduction, NOL or capital loss carryback, dividends-received deduction, or U.S. production activities deduction.

a. How much is Zeta's charitable contributions deduction in 2006? In 2007?

b. What is Zeta's contribution carryover to 2008, if any?

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