The board of directors of Orange Corporation, a calendar year taxpayer, is holding its year-end meeting on

Question:

The board of directors of Orange Corporation, a calendar year taxpayer, is holding its year-end meeting on December 30, 2016. One topic on the board's agenda is the approval of a $25,000 gift to a qualified charitable organization. Orange has a $20,000 charitable contribution carryover to 2016 from a prior year. Identify the tax issues the board should consider regarding the proposed contribution?