True/False
Heron Corporation, a calendar year C corporation, had an excess charitable contribution for 2011 of $5,000. In 2012, Heron made a further charitable contribution of $20,000. Heron's 2012 deduction is limited to $15,000 (10% of taxable income). The current year's contribution must be applied first against the $15,000 limitation.
Correct Answer:
Verified
Correct Answer:
Verified
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