Question: Answer is not 39150********* In year 1 (the current year), LAA Inc. made a charitable donation of $120,750 to the American Red Cross (a qualifying

Answer is not 39150********* In year 1 (the current year), LAA

Answer is not 39150*********

In year 1 (the current year), LAA Inc. made a charitable donation of $120,750 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable Income of $645,000, which Included a $120,750 charitable contribution deduction (before limitation), a $50,250 dividends recelved deduction, and a $18,900 net operating loss carryover from year 0. What Is LAA Inc's charitable contribution deduction for year 1? Charitable contribution deduction for year 1

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