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What happens to the disallowed deduction

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Question: In the current year, Garfield Corp. contributed $60,000 to a qualified charity. Garfield's taxable income before the deduction for charitable contributions was $510,000. Included in that amount was a $20,000 dividends received deduction.

a. What is the amount of the charitable deduction for the current year?

b. What happens to the disallowed deduction?

Reference no: EM133265169

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