Peasants broke off after six or seven hours of work in the morning to have dinner around noon. This was their main meal too, consisting of bread or porridge, peas or beans, perhaps with some cabbage, turnip or onions thrown in. At first, only those able to afford candles could indulge in late final meals.
The corporation has taxable income (determined without regard to any deduction for charitable contributions) of $150,000 in 1971 and makes a charitable contribution of $5,000 in that year. For 1971 the corporation may deduct as a charitable contribution the amount of $7,500 (5 percent of $150,000).
For example, charitable cash donations are deductible at up to 50 percent of the taxpayerâs adjusted gross income (AGI) when given to public charities, but the same gift to a private foundation is deductible at a rate of only 30 percent of AGI.