Corporations

In the case of a corporation—

(A) In general Any charitable contribution otherwise allowable (without regard to this subparagraph) as a deduction under this section for any taxable year, other than any contribution to which subparagraph (B) or (C) applies, shall be allowed only to the extent that the aggregate of such contributions— (i) exceeds 1 percent of the taxpayer’s taxable income for the taxable year, and (ii) does not exceed 10 percent of the taxpayer’s taxable income for the taxable year.

(B) Qualified conservation contributions by certain corporate farmers and ranchers (i) In general Any qualified conservation contribution (as defined in subsection (h)(1))— (I) which is made by a corporation which, for the taxable year during which the contribution is made, is a qualified farmer or rancher (as defined in paragraph (1)(E)(v)) and the stock of which is not readily tradable on an established securities market at any time during such year, and (II) which, in the case of contributions made after the date of the enactment of this subparagraph, is a contribution of property which is used in agriculture or livestock production (or available for such production) and which is subject to a restriction that such property remain available for such production, shall be allowed to the extent the aggregate of such contributions does not exceed the excess of the taxpayer’s taxable income over the amount of charitable contributions allowable under subparagraph (A). (ii) Carryover If the aggregate amount of contributions described in clause (i) exceeds the limitation of clause (i), such excess shall be treated (in a manner consistent with the rules of subsection (d)(2) other than subparagraph (C) thereof) as a charitable contribution to which clause (i) applies in each of the 15 succeeding taxable years in order of time.

(C) Qualified conservation contributions by certain Native Corporations (i) In general Any qualified conservation contribution (as defined in subsection (h)(1)) which— (I) is made by a Native Corporation, and (II) is a contribution of property which was land conveyed under the Alaska Native Claims Settlement Act, shall be allowed to the extent that the aggregate amount of such contributions does not exceed the excess of the taxpayer’s taxable income over the amount of charitable contributions allowable under subparagraph (A). (ii) Carryover If the aggregate amount of contributions described in clause (i) exceeds the limitation of clause (i), such excess shall be treated (in a manner consistent with the rules of subsection (d)(2) other than subparagraph (C) thereof) as a charitable contribution to which clause (i) applies in each of the 15 succeeding taxable years in order of time. (iii) Native Corporation For purposes of this subparagraph, the term “Native Corporation” has the meaning given such term by section 3(m) of the Alaska Native Claims Settlement Act.

(D) Taxable income For purposes of this paragraph, taxable income shall be computed without regard to— (i) this section, (ii) part VIII (except section 248), (iii) any net operating loss carryback to the taxable year under section 172, (iv) any capital loss carryback to the taxable year under section 1212(a)(1) 1 1 So in original. Probably should be followed by “, and”. (v) section 199A(g).