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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 For
by 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 agoIn 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 agoAh, okay. Thanks!