What is the amount of citradoria corporation

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1. Beech Corporation, an accrual basis taxpayer, was organized and began business on July 1, 2010. During 2010, the corporation incurred the following expenses: State fees for incorporation $ 500 Legal and accounting fees incident to organization 1,800 Expenses for the sale of stock 2,100 Organizational meeting expenses 750 Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational-expenditures over 15 years, calculate the corporation's deduction for its calendar tax year 2010.

2. Citradoria Corporation is a regular corporation that contributes $35,000 cash to qualified charitable organizations during 2010. The corporation has net operating income of $140,000 before deducting the contributions, and dividends received from domestic corporations (ownership in all corporations is less than 20 percent) in the amount of $20,000.

a. What is the amount of Citradoria Corporation's allowable deduction for charitable contributions for the current year?

b. What may the corporation do with any excess amount of contributions?

Reference no: EM131815652

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