On December 20,2010,the directors of Quail Corporation (an accrual basis,calendar year taxpayer)authorized a cash donation of $5,000 to the American Cancer Society,a qualified charity.The payment,which is made on April 15,2011,may be claimed as a deduction for tax year 2010.

Question

Quizplus · Accepted Answer

According to IRS regulations, a donation made in the following year cannot be claimed as a deduction for the previous year's taxes. As the payment is made on April 15, 2011, it cannot be claimed as a deduction for tax year 2010.

On December 20,2010,the Directors of Quail Corporation (An Accrual Basis,calendar