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Essentials of Federal Income Taxation for Individuals and Business (2021) CHAPTER 14 C CORPORATIONS/ 14...

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Essentials of Federal Income Taxation for Individuals and Business (2021) CHAPTER 14 C CORPORATIONS/ 14 QUESTIONS AND PROBLEMS 19. Charitable Contributions. (Obj. 2) Regal, Inc. reported the following for the year. Gross income includable on the tax return Allowable business deductions, not including charitable contributions Contributions to qualified charitable organizations Dividends received from domestic corporations (30% ownership and included in the $115,000 gross income amount) $115,000 90,000 2,750 2,000 a. What is Regal's charitable contribution deduction for the current year? b. What is the amount of taxable income for the current year? C. What is Regal's charitable contribution deduction carryover, if any

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