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Question:
JIM realizes the importance of being a good corporate citizen and makes generous contributions to worldwide charitable organizations. For the current year, JIM wants to contribute $1,500,000 to various charities. Based on prior year''s tax laws, if JIM''s taxable income before charitable contributions is $11,500,000 in the current year.
Calculate the charitable allowance for the current year.
Provide a recommendation to JIM management regarding the implications of this contribution.
Assignment Objectives:
Analyze the tax consequences of financial and operational decisions in short-run and long-run models.
Evaluate the impact of management decisions on the taxing liability of the firm.
Examine the tax consequences of different investment vehicles.
Verified Expert
"The assignment deals with charitable deductions that can be allowed under IRS tax code and how certain organisations are allowed to contribute in excess of the general 20% of AGI rule. this also discusses the effect of the charitable deductions on the tax-ability of the corporate entity. The paper is prepared in Microsoft word with Harvard referencing".
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