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16.04.2020 •
Business
In year 1 (the current year), LAA Inc. made a charitable donation of $153,750 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $608,000, which included a $153,750 charitable contribution deduction (before limitation), and a $60,250 dividends received deduction. What is LAA Inc.’s charitable contribution deduction for year 1?
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