Ludlow Corporation has excess inventory that it no longer wants. In order to clear out its warehouse to make room for shipments of new inventory, it has decided to donate the inventory (bedding equipment) to several hospitals. The basis of the inventory is $170,000 and its fair market value is $220,000. The corporation made no other contributions this year. Determine its charitable contribution deduction assuming that its taxable income before the dividends-received deduction and charitable contributions deduction is

$1,000,000 and included in gross income is $100,000 in dividends received from a 35-percent-owned domestic corporation.