Asked by Antonio DjToniko on May 11, 2024
Verified
A corporation can deduct a charitable contribution of up to 50% of its adjusted gross income.
Charitable Contribution
A donation or gift to a qualified organization that is eligible for a tax deduction.
Adjusted Gross Income
An individual's total gross income minus specific deductions, used to determine taxable income on an income tax return.
- Acquire knowledge on the regulations and varieties of corporate distribution, encompassing dividend payouts.
Verified Answer
MZ
marcia zaneleMay 15, 2024
Final Answer :
False
Explanation :
A corporation can deduct charitable contributions up to 10% of its taxable income, not 50%.
Learning Objectives
- Acquire knowledge on the regulations and varieties of corporate distribution, encompassing dividend payouts.