modified_taxable_income _CC

modified_taxable_income _CC - The charitable contribution...

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More on modified taxable for computing the CC limitation The King Corporation reported the following information for the year. Gross income $100,000 Deductions 60,000 Long-term capital gain 7,000 Short-term capital loss carryforward 3,000 NOL carryforward 10,000 Charitable contributions 6,000 The King corporation’s charitable income and taxable income is computed as follows:
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Unformatted text preview: The charitable contribution carryforward is $2,600 ($6,000 $3,400). Gross income 100,000 Less: deductions (60,000) Net long-term capital gain (7,000 3,000 ) 4,000 Taxable income b-4 CC and NOL 44,000 Less: Charitable contribution (3,400) (44,000 10,000 ) x 10% = 3,400 Taxable income b-4 NOL 40,600 Less: NOL carryforward (10,000) Taxable income (30,600)...
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