What is pccs charitable contribution deduction for the year

Assignment Help Taxation

Reference no: EM133261386

Assignment:

1 In 2022, PCC donated a total of $700,000 of cash to the American Red Cross. PCC's taxable income before the charitable contribution deduction, NOL carryover ($24,000), and DRD ($15,000) was $6,287,000. What is PCC's charitable contribution deduction for the year, assuming the donation is a qualified contribution? What is its charitable contribution carryover to next year, if any?

.2 XYZ Inc. has a net operating loss of $200,000 for the 2022 tax year. It also has a $10,000 NOL carryover from 2017. XYZ reported taxable income in 2023 of $200,000 before the NOL deduction. What is XYZ's 2023 taxable income after the NOL deduction?

3. On January 1, 2022, PCC granted 20,000 NQOs with an estimated $10 value per option ($200,000 total value). Each Option entitled the owner to purchase one share of PCC stock for $10 a share (the per-share price of PCC stock on January 1, 2022, when the options were granted). The options vested at the end of the day on December 31, 2022 (employees could not exercise options in 2022). Assume no options were exercised in either 2022 or 2023. What is PCC's book-tax difference associated with the nonqualified Options in 2022? In 2023? Is each difference favorable or unfavorable? Is it permanent or temporary?

Reference no: EM133261386

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