A separate C corporation (unrelated to Q12) reports taxable…
A separate C corporation (unrelated to Q12) reports taxable income before CC/DRD/NOL of $1,050. It pays $120 of cash charitable contributions and receives $280 of dividends from a 25%-owned domestic corporation. Applying the correct ordering (CC before DRD) and the 10% CC limit, what is this year’s allowable CC deduction?
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