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c) Eye Opener Corporation made a charitable donation of $1,000,000 cash to the United Way...

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Finance

c) Eye Opener Corporation made a charitable donation of $1,000,000 cash to the United Way (a qualifying public charity) during 2020. Assume that Eye Opener reported taxable income of $10,000,000 before deducting any charitable contributions, before deducting its $200,000 dividend received deduction, before deducting its $6,000,000 net operating loss (NOL) carryover from 2019 (last year), and before deducting its $300,000 capital loss carryover from 2019 (last year) that can be utilized this year. Show your calculation of the maximum charitable contribution deduction that Eye Opener can recognize on its 2020 federal income tax return. Remember to take the CARES Act legislation into account.

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