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Problem - Sanchez incurred the following items.
Business income, exclusive of the following items
$80,000
Tax-exempt interest income
40,000
Payment to charity from 2020 Sanchez gross income, paid 3/1/21
20,000
Complete the following chart, indicating the charitable contributions deduction under the various assumptions.
Assumption
2020 Deduction for Contribution
Sanchez is a cash basis individual
Sanchez is an accrual basis corporation
Sanchez is a trust
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