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Charitable Contribution Deduction Limitation

by | Nov 29, 2023 | Posted Questions

Charitable Contribution Deduction Limitation

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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