Egret Corporation,a calendar year C corporation,had an excess charitable contribution for 2009 of $15,000.In 2010,it made a further charitable contribution of $20,000.Its 2010 deduction is limited to $25,000 (10% of taxable income).In applying the 10% limitation,the $15,000 carryover is used before the current year contribution.

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The Answer of Egret Corporation,a calendar year C corporation,had an excess charitable contribution for 2009 of $15,000.In 2010,it made a further charitable contribution of $20,000.Its 2010 deduction is limited to $25,000 (10% of taxable income).In applying the 10% limitation,the $15,000 carryover is used before the current year contribution.

Egret Corporation,a Calendar Year C Corporation,had an Excess Charitable Contribution