Question: In year 1 (current year), OCC Corp, made a charitable donation of $2000,000 to the Phil and Amy Michelson Foundation (a qualifying charity). For the

In year 1 (current year), OCC Corp, made a charitable donation of $2000,000 to the Phil and Amy Michelson Foundation (a qualifying charity). For the year, OCC reported taxable income of $1,400,000 before deducting any charitable contributions, before deducting its $20,000 dividends received deduction, and before deducting its $50,000 NOL carryover from last year. What amount of the $200,000 donation is OCC allowed for tax purposes in year 1?

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