3 ms·

I'm not a tax attorney but I don't think that's how deductions work.

• asntbqjkwbucaa 8y ago
  Do you mind explaining more? I was under the impression that a corporation can take a tax deduction for charitable donations. There's a line item for it on Form 1120 (https://www.irs.gov/pub/irs-pdf/f1120.pdf https://www.irs.gov/pub/irs-pdf/f1120.pdf)
  • smileysteve 8y ago
    In order to take the tax deduction of an expense to a charity they have to first recognize the income the customer just gave them. Since the income and the deduction directly offset each other, this is a zero sum maneuver.
    • asntbqjkwbucaa 8y ago
      Ah, okay. Thanks!