Reference no: EM132591372
Question - Determine the deductible charitable contribution in each of the following instances.
1. Charitable contribution of $2,600 and taxable income before charitable contribution of $42,000.
2. Charitable contribution of $5,200 and taxable income before charitable contribution of $42,000.
3. Charitable contribution of $3,050 and taxable income before charitable contribution of $42,000. Taxable income includes a net operating loss carryforward of $3,500.
4. Charitable contribution of $3,050 and taxable income before charitable contribution of $34,200. Taxable income includes a capital loss carryback of $3,500.
Required - What are the deductible charitable contribution in each?