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What happens to any portion not deductible

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Problem - During 2019, Siskin Corporation (a C corporation) entered into the following transactions.

Income from operations $500,000

Expenses from operations 425,000

Dividends from domestic corporations (less than 20% ownership) 45,000

Dividends received deduction (50% 3 $45,000) 22,500

Unused short-term capital loss from 2017 (there are no capital gains in 2018 and 2019) 2,500

NOL carryover from 2018 40,000

In June 2019, Siskin made a contribution to a qualified charitable organization of $10,500 in cash (not included in any of the items listed above).

Required -

a. How much, if any, of the contribution can be claimed as a deduction for 2019?

b. What happens to any portion not deductible for 2019?

Reference no: EM132673453

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