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Baker Corporation is a calendar year taxpayer using the accrual method of accounting. In the...

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Accounting

Baker Corporation is a calendar year taxpayer using the accrual method of accounting. In the current year, its board of directors authorizes a $20,000 contribution to the Boy Scouts. Baker pays the contribution on March 12 of the next year.

What is the maximum contribution allowed in current year? What is the maximum contribution allowed in in the next year? Explain your answer.

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