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).
You or your business can deduct: 1  Cash contributions. 2  Gifts of property or equipment (called in-kind contributions) 3  Mileage and other travel expenses incurred in relation to working for a charitable organization, based on the IRS-designated standard mileage rate for charitable work.