20 Dec Citradoria Corporation is a regular corporation th
Citradoria Corporation is a regular corporation that contributes $35,000 cash to qualified charitable organizations during the current tax year. The corporation has net operating income of $140,000, before deducting the contributions, and dividends received from domestic corporations (ownership in all corporations is less than 20 percent) in the amount of $20,000. a. What is the amount of Citradoria Corporation’s allowable deduction for charitable contributions for the current year? $ Ulmus Corporation has $1,230,000 in taxable income for the current tax year. Calculate the corporation’s income tax liability for the current tax year. Click here to access the tax schedule. $ Walnut Corporation owns 60 percent of Teak Corporation, a domestic corporation. During the current year, Walnut Corporation received $20,000 in dividends from Teak Corporation. Assuming that Walnut’s taxable income for the current year before the dividends received deduction is $500,000, what is the amount of Walnut’s dividends received deduction for the current year? a. $0 b. $14,000 c. $16,000 d. $20,000 e. None of these choices are correct.
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