A corporation may reduce trade or business income by a charitable contributions made by the corporation, but the deduction is limited to 10% of taxable income, as adjusted.

Question

Quizplus · Accepted Answer

This statement is true. Corporations can deduct charitable contributions made by the corporation from their trade or business income, but the deduction is limited to 10% of taxable income, as adjusted.

A Corporation May Reduce Trade or Business Income by a Charitable