What is timex charitable contribution deduction

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Reference no: EM132211295

Timex Corporation reports the following results for the current year:

a. Gross profits on sales $150,000

b. Dividends from less than 20% owned domestic corporation $30,000

c. Operating expenses $75,000

d. Charitable contributions in cash $13,000

What is Timex’s charitable contribution deduction for the current year and is there a charitable contribution carryover available to the following year?

What is Timex’s taxable income for the current year assuming qualifies production activities income is $30,000?

Reference no: EM132211295

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