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What is the charitable contribution deduction

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Question - Last year, Intrepid Corporation's tax return revealed the following items:

Dividends from 20 percent owned domestic corporations $60,000

Gross income from services rendered $300,000

Miscellaneous expenses $250,000

Long-term capital gains $30,000

Net operating loss carryforward $15,000

Charitable contributions $20,000

Required -

1. What is Intrepid's dividends-received deduction?

2. What is the charitable contribution deduction?

3. What is the taxable income for the year?

Reference no: EM132986429

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