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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?
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