Question: In year 1(the current year). LAA Inc. made a charitable donation of $153.750 to the American Red Cross (a qualifying charity). For the year, LAA

In year 1(the current year). LAA Inc. made a charitable donation

In year 1(the current year). LAA Inc. made a charitable donation of $153.750 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $608,000, which included a $153.750 charitable contribution deduction (before limitation), a $60,250 dividends received deduction, and a $10,400 net operating loss carryover from year 0. What is LAA Inc.'s charitable contribution deduction for year 1? Charitable contribution deduction for year 1

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