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What is the charitable contribution deduction

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Reference no: EM133175110

Question - Comprehensive Problem - 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 carry forward 15,000

Charitable contributions 20,000

Required -

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

b. What is the charitable contribution deduction?

c. What is the taxable income for the year?

Reference no: EM133175110

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