Charitable Contributions

A corporation cannot deduct charitable contributions that exceed 10% of its taxable income for the tax year. Figure taxable income for this purpose without the following:

• The deduction for charitable contributions
• The dividends-received deduction
• The deduction allowed under section 249 of the Internal Revenue Code
• The domestic production activities deduction
• Any net operating loss carry back to the tax year
• Any capital losses carry back to the tax year

Taken directly from: http://fastforwardacademy.com/index-page-test-subpage-questions-part-businesses.htm 

Business Gift

You can deduct no more than $25 for each business gift you give directly or indirectly to a person during your tax year. A deduction of $25 for each bottle of wine can be taken for a total gift deduction of $75.

http://fastforwardacademy.com/index-page-test-subpage-questions-part-businesses.htm

Farmer's estimated payment

Because two-thirds of Tim's gross income was from farming, he only paid one estimated tax payment for 2010. What is the required annual payment that Tim can make?

Smaller of two-thirds of his total tax for 2010 or 100% of the total tax shown on his 2009 tax return.

http://fastforwardacademy.com/index-page-test-subpage-questions-part-businesses.htm

Built-In Gain

http://cooklaw.co/blog/built-in-gain-s-corporations