Essay
In 2020 Webtel Corporation donated $59,000 to a qualifying charity. For the year, it reported taxable income of $400,000, which included the following: the $59,000 charitable contribution (before limitation), a $118,000 dividends received deduction, and a $21,800 net operating loss carryover. What is Webtel Corporations charitable contribution deductionassuming it does not elect to apply the 25% of modified taxable income limitation in determining its charitable contribution deduction?
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