Income Tax.docx - 1 What is the enhanced deduction for food...

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1. What is the enhanced deduction for food inventory donations? A corporation can’t deduct exceed 10% of its taxable income for food inventory donations. If a corporation’s charitable contributions exceeds the 10% of taxable income limit, the excess is carried over and deducted for each of the five succeeding years in order of time, to the extent the sum of carryovers and contributions for each of those years doesn’t exceed 10% of taxable income Title of document: Chapter 700: CHARITABLE CONTRIBUTIONS, 7 04. Limitation on charitable deduction for food inventory contributions is increased, from 10% to 15% of income 2. Is the state and local sales tax deduction made permanent? Under pre-tax 2015 PATH Act law, taxpayers could – for tax years beginning after Dec.31, 2003 and before Jan.1 2015 – elect to take an itemized deduction for state and local general sales taxes instead of itemized deduction for state and local income taxes. The 2015 PATH Act removes “ for tax years beginning after Dec.31, 2003 and before Jan.1, 2015, the election is thus made permanent and is retroactive.
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  • Fall '19
  • Taxation in the United States

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