Question: specifically part b. i know the BT difference is 25,000 favorable but confused why! 50. In 2022, OCC Corp. made a charitable donation of $400,000

specifically part b. i know the BT difference is 25,000 favorable but confused why!

50. In 2022, OCC Corp. made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000NOL carryover from last year. a) What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2022 , what is the carryover to 2023 , and when does the carryover expire? b) Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023 ? Is the difference favorable or unfavorable? Is it permanent or temporary? 50. In 2022, OCC Corp. made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000NOL carryover from last year. a) What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2022 , what is the carryover to 2023 , and when does the carryover expire? b) Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023 ? Is the difference favorable or unfavorable? Is it permanent or temporary

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