trade or business deductions for C corps and losses/casualty

Charitable contributions have what limitations:

1% floor of ATI is NOT deductible and 10% ceiling of ATI is deductible

excess contributions can be carried forward ____ years

five

if contributions do not exceed 10% celing it ____ be carried forward

cannot

any accrual must be paid within ____ of the taxable year end to be deductible

3.5 months

contribution - 1% floor =

allowable deduction

contribution - 10% ceiling =

allowable

carryforward charitable contribution =

1% floor disallowed + 10% excess

general rule for business losses or casualty losses

any loss sustained during the taxable year and not compensated for by insurance is deductible

losses can be treated as ____ or ___ depending upon the type of asset

ordinary, capital

for partially destroyed property the loss is limited to the _____ of:

Lessor
1) the decline in the value of property
2) the adjusted basis of the property immediately before the casualty

lessor of 1 or 2 - _______= deduction

insurance reimbursement

rule for fully destroyed property

the loss is the adjusted basis of property MINUS insurance reimbursement