Omegas charitable contributions deduction

Reference no: EM13123836

Omega Corporation reports the following results for the current year:

Gross profits on sales $120,000

Dividends from less-than-20%-owned domestic corporations 40,000

Operating expenses 100,000

Charitable contributions (cash) 11,000

a. What is Omega's charitable contributions deduction for the current year and its charitable contributions carryover to next year, if any?

b. What is Omega's taxable income for the current year, assuming qualified production activities income is $20,000?

Reference no: EM13123836

Questions Cloud

Value common stock currently trading : A company acquires land by issuing 10,000 shares of its $10 par value common stock currently trading at $20 per share and the appraised value of the land is $250,000. We would record the land by:

Equations of lines through point : What is the equation of the vertical line through P? What is the equation of the horizontal line through P?

Give a rationale with your response : Create a situation or scenario in which it may be appropriate to recognize revenue as the productive activity takes place. State whether or not there are any other times appropriate for recognizing revenue. Give a rationale with your response.

Explain how much taxable compensation is the equivalent : Explain how much taxable compensation is the equivalent of $7,500 of exempt compensation for each of the three classes of employees?

Omegas charitable contributions deduction : What is Omega's charitable contributions deduction for the current year and its charitable contributions carryover to next year, if any?

Question regarding conic graph : Identify and sketch the graph of the conic described by the quadratic equation x^2 + 4xy + y^2 - 12 = 0. Do this by writing this equation in matrix form

Find probability for thirds and two thirds favor new policy : What is the probability that in your random sample of 50 students, between one thirds and two thirds favor the new policy?

Lines through mon-colinear points : Given three points, there is one line that can be drawn through them if the points are colinear. If the three points are noncolinear,there are three lines that can be drawn through pairs of points.

Gain or loss recognizing on the sale : Patrice sells a parcel of land for $50,000 cash and the buyer assumes Patrice's liability of $7,000 on the land. Patrice's basis in the land is $40,000. What is the gain or loss she will recognize on the sale?

User Account

All Pages