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On December 30,2010,the Board of Directors of Gull Corporation,a Calendar

Question 40

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On December 30,2010,the board of directors of Gull Corporation,a calendar year,accrual method C corporation,authorized a contribution of $50,000 to a qualified charitable organization.For purposes of the taxable income limitation applicable to charitable deductions,Gull has taxable income of $420,000 and $370,000 for 2010 and 2011,respectively.Describe the tax consequences to Gull Corporation under the following independent situations.
On December 30,2010,the board of directors of Gull Corporation,a calendar year,accrual method C corporation,authorized a contribution of $50,000 to a qualified charitable organization.For purposes of the taxable income limitation applicable to charitable deductions,Gull has taxable income of $420,000 and $370,000 for 2010 and 2011,respectively.Describe the tax consequences to Gull Corporation under the following independent situations.

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