In year 1 (the current year), LAA Inc. made a charitable donation of $115,500 to...
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In year 1 (the current year), LAA Inc. made a charitable donation of $115,500 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $590,000, which included a $115,500 charitable contribution deduction (before limitation), a $74,000 dividends received deduction, and a $13,500 net operating loss carryover from year 0. What is LAA Inc.s charitable contribution deduction for year 1?
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