Question: In year 1 (the current year), LAA Inc. made a charitable donation of $111,750 to the American Red Cross (a qualifying charity). For the year,

In year 1 (the current year), LAA Inc. made a charitable donation of $111,750 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $558,000, which included a $111,750 charitable contribution deduction (before limitation), a $50,500 dividends received deduction, and a $19,000 net operating loss carryover from year 0. What is LAA Inc.s charitable contribution deduction for year 1?

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