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Business, 24.04.2020 21:03 arnold2619

In year 1 (the current year), LAA Inc. made a charitable donation of $100,000 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $550,000, which included a $100,000 charitable contribution deduction (before limitation), and a $50,000 dividends received deduction. and a $10,000 net operating loss carryover from year 0.
What is LAA Inc.’s charitable contribution deduction for year 1?

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