this post was submitted on 25 Nov 2023
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South Park
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Everything related to the animated television show South Park! (Images, videos, quotes, news, articles, thoughts, trivia, etc.)
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Corporate donation tax deduction
A corporation is entitled to a tax deduction for the donation amount against their income. By reducing taxable income, the corporation reduces their tax liability. A corporation does not need to claim the full donation in a particular year. Donations can be carried forward for up to five years. Generally, a corporation can claim a deduction for charitable donations up to 75% of the corporation’s net income for the year.