Question: In the current year, Garfield Corp. contributed $ 5 0 , 0 0 0 to a qualified charity. Garfield's taxable income before the deduction for

In the current year, Garfield Corp. contributed $50,000 to a qualified charity. Garfield's taxable income before the deduction for charitable contributions was $500,000. Included in that amount was a $20,000 dividends received deduction .
1. What is the amount of the charitable deduction for the current year?
2. What happens to the disallowed deduction?

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