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Business, 05.05.2020 15:48 iwhi8131

Tapper Corp., an accrual-basis, calendar-year corporation, was organized on January 2, 2019. During 2019, revenue was exclusively from sales proceeds and interest income. The following information pertains to Tapper: Taxable income before charitable contributions for the year ended December 31, 2019 $500,000 Tapper’s matching contribution to employee-designated qualified universities made during 2019 10,000 Board of directors’ authorized contribution to a qualified charity (authorized December 1, 2019; made February 1, 2020) 30,000

What is the maximum allowable deduction that Tapper may take as a charitable contribution on
its tax return for the year ended December 31, 20X3?
$40,000
$0
$10,000
$30,000

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Tapper Corp., an accrual-basis, calendar-year corporation, was organized on January 2, 2019. During...
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