In 2020 Webtel Corporation donated $55,500 to a qualifying charity. For the year, it reported taxable income of $365,000, which included the following: the $55,500 charitable contribution (before limitation), a $111,000 dividends received deduction, and a $21,100 net operating loss carryover. What is Webtel Corporations charitable contribution deduction?

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The Answer of In 2020 Webtel Corporation donated $55,500 to a qualifying charity. For the year, it reported taxable income of $365,000, which included the following: the $55,500 charitable contribution (before limitation), a $111,000 dividends received deduction, and a $21,100 net operating loss carryover. What is Webtel Corporations charitable contribution deduction?

In 2020 Webtel Corporation Donated $55,500 to a Qualifying Charity