During 2022, Siskin Corporation (a C corporation) entered into the following transactions.

In June 2022, Siskin made a contribution to a qualified charitable organization of $10,500 in cash (not included in any of the items listed above).

a. How much, if any, of the contribution can be claimed as a deduction for 2022?

b. What happens to any portion of the gift that is not deductible for 2022?

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Income from operations Expenses from operations Dividends from domestic corporations (less than 20% ownership) Dividends received deduction (50% X $45,000) Unused short-term capital loss from 2020 (there are no capital gains in 2021 and 2022) NOL carryover from 2021 $500,000 425,000 45,000 22,500 2,500 40,000