Business Homework Solutions
#120311
Charity Contribution
Ross, a calendar-year, accrual basis S corporation, makes regular and substantial contributions to local tax-exempt charitable organizations. On December 20, its board of directors authorized a $175,000 contribution to the Salvation Children's Clinic. The corporation paid the contribution on January 25. Ross' ordinary business income for the year in which the contribution was authorized was $1,286,200.
Can it accrue a $175,000 separately stated charitable contribution for the year?
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