In year 1 (the current year), LAA Inc. made a charitable donation of $162,750 to...
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Accounting
In year 1 (the current year), LAA Inc. made a charitable donation of $162,750 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $583,000, which included a $162,750 charitable contribution deduction (before limitation), a $52,750 dividends received deduction, and a $19,900 net operating loss carryover from year 0. What is LAA Inc.s charitable contribution deduction for year 1?
NOTE:I used 10% and I'm not sure that is correct for 2019, but textbook says it is accurate. Answer is not 82900 nor 80190.
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