During 2019, the Powell Corporation had the following income and expenses: Gross income from operations $20,000...

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During 2019, the Powell Corporation had the following income and expenses: Gross income from operations $20,000 Dividend income from a domestic 25% owned corporation 90,000 Operating expenses 35,000 Officers' salaries 20,000 Charitable contributions 8,000 a. What is the tax-deductible amount of Powell Corp.'s charitable contribution and dividends received deduction for 2019? b. What happens to the portion of the contributions not deductible in 2019? During 2019, the Powell Corporation had the following income and expenses: Gross income from operations $20,000 Dividend income from a domestic 25% owned corporation 90,000 Operating expenses 35,000 Officers' salaries 20,000 Charitable contributions 8,000 a. What is the tax-deductible amount of Powell Corp.'s charitable contribution and dividends received deduction for 2019? b. What happens to the portion of the contributions not deductible in 2019?

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