Problem 5-51(LO5-2)(Algo) In2024, LAA Incorporated made a charitable donation of $106,000to the Trevor...

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Accounting

Problem 5-51(LO5-2)(Algo)
In2024, LAA Incorporated made a charitable donation of $106,000to the Trevor Project (a qualifying charity). For the year, LAA
reported taxable income of $556,000, which included a $106,000 charitable contribution deduction (beforelimitation) and a $50,600
dividends-received deduction, and a $12,300 net operating loss carryover from 2023.
What is LAA Incorporated's charitable contribution deduction for 2024?
Charitable contribution deduction for 2024
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