On $3/15/$X$2$ X co$.$ donated a painting worth $$500,000$ to an art museum. If X co$.$ had sold the painting it would have recognized a long$$term capital gain of $$100,000.$

During $20$X$2$ X co$.$ had the following income and expenses: $$4,000,000$ gross income, $$3,000,000$ business expenses, $$100,000$ dividends received deduction, $$100,000$ net operating loss carry forward, $$60,000$ net operating loss carry back, and a capital loss carry back of $$30,000.$