C11-Chp-02-1C-Corporate-Deduction-Notes - Tab: 1. Summary...

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Tab: 1. Summary File: 1423ef57b9c4f778427d1e8fb79352f66845ea0a.xls Page 1 of 3 Charitable Contributions of Corporations Limit is 10% of Taxable Income - as Defined [Sec. 170(b)(2)]. Taxable income defined for deduction limit is: Taxable Income before: 1. Charitable Contribution Deduction [Sec. 170] 2. NOL Carryback [Sec. 172] 3. Capital Loss Carryback [Sec. 1212(a)(1)] 4. Dividends Received Deduction 5. Dividends Paid Deduction (don't let this confuse you) Excess contributions can be carred forward 5 years Dividends Received Deduction Deduction is a percentage of dividends received. Percentage is based on the percentage of stock owned by taxpayer corporation. Deduction Ownership percentage 0%-19% 70% 20%-79% 80% 80%-100% 100% Dividends Received deduction is limited to applicable percentage of Taxable Income-as defined [Sec. 246(b)]: Taxable income for purposes of this limit is: Taxable income, before: 1. NOL carryover or carryback [Sec. 172] 2. Dividends received deduction 3. Capital loss carryback [Sec. 1212(a)(1)]
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This note was uploaded on 11/28/2011 for the course ACCT 5110 taught by Professor Jkn during the Spring '11 term at Punjab Engineering College.

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C11-Chp-02-1C-Corporate-Deduction-Notes - Tab: 1. Summary...

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