In $2023,$ OCC Corporation made a charitable donation of $$400,000$ to the International Rescue Committee $($a qualifying charity$).$ For

the year, OCC reported taxable income of $$1,500,000$ before deducting any charitable contributions, before deducting its $$20,000$

dividends$-$received deduction, and before deducting its $$40,000$ NOL carryover from last year. Assume the donation is a qualified

contribution.

Required:

a$.$ What amount of the $$400,000$ donation is OCC allowed to deduct for tax purposes in $2023,$ what is the carryover to $2024,$ and

when does the carryover expire?

b$.$ Assume that in $2024,$ OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution

carryover, if any, from $2023.$ What book$-$tax difference associated with the charitable contributions will OCC report in $2024?$ Is the

difference favorable or unfavorable? Is it permanent or temporary?

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Assume that in $2023,$ OCC did not make any charitable donations and that it is allowed to deduct its full charitable

contribution carryover, if any, from $2022.$ What book$-$tax difference associated with the charitable contributions will OCC

report in $2023?$ Is the difference favorable or unfavorable? Is it permanent or temporary?In $2023,$ OCC Corporation made a charitable donation of $$400,000$ to the International Rescue Committee $($a qualifying charity$).$ For the year, OCC reported taxable income of $$1,500,000$ before deducting any charitable contributions, before deducting its $$20,000$ dividends$-$received deduction, and before deducting its $$40,000$ NOL carryover from last year. Assume the donation is a qualified contribution. Assume that in $2024,$ OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from $2023.$ What book$-$tax difference associated with the charitable contributions will OCC report in $2024?$ Is the difference favorable or unfavorable? Is it permanent or temporary?