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Calculate Magenta deductible amount

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Reference no: EM132673247

Problem - In 2019, Magenta Corporation paid compensation of $45,300 to the participants in a profit sharing plan. During 2019, Magenta Corporation contributed $13,200 to the plan.

Required -

a. Calculate Magenta's deductible amount for 2019.

b. Calculate the amount of any contribution carryover from 2019.

Reference no: EM132673247

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