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During the current year, Chris Corporation, a domestic corporation, had the following income, expenses, and...

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Question

Accounting

During the current year, Chris Corporation, a domestic corporation, had the following income, expenses, and deductions:
Gross receipts
$125,000
Net capital gains
10,000
Expenses, not including cash contributions
75,000
Contributions to qualified charities
20,000
Net operating loss carryover from last year
20,000
What is the amount of Chris Corporations allowable charitable contribution deduction for the current tax year?
A.
$4,000
B.
$20,000
C.
$6,000
D.
$5,000

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