19 Multiple Choice 2 points In the current year, Dalton Corporation donated $50,000 to a charity. For the year, it reported taxable income of $310,000, which included deductions for the following: the $50,000 charitable contribution (before limitation), a $100,000 dividends received deduction, and a $20,000 net operating loss carryover from a prior year. The donation was made to a valid charity. What is Dalton Corporation's charitable contribution deduction in the current year? A. $0 O B. $29,000 C. $31,000 D. $36,000 O E. $44,000 O F. $46,000 O G. $50,000 20 Multiple Choice 2 points Julio owns 100% of stock of the C corporation The Perm Bank, Inc. (Perm). Perm has total E&P of $20,000 and Julio has a basis of $100,000 in his Perm stock prior to the following distribution. Perm makes a nonliquidating distribution to Julio of land held for investment. The land has an $800,000 adjusted basis and a fair market value of $400,000 at the time of the distribution. What is Perm's recognized gain or loss on the distribution? O A. $0 gain or loss B. $400,000 loss O C. $300,000 gain O D. $400,000 gain