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In year 1 (the current year), LAA Inc. made a charitable donation of $145,500 to the...

In year 1 (the current year), LAA Inc. made a charitable donation of $145,500 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $557,000, which included a $145,500 charitable contribution deduction (before limitation), a $70,500 dividends received deduction, and a $16,500 net operating loss carryover from year 0.

What is LAA Inc.’s charitable contribution deduction for year 1?

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Answer 2 Present ie current As per the rules the charitable co ribution deduction for the Present ve a Year is limited to 10%

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