McGraw-Hill's Taxation of Business Entities 3rd Edition by Connie Weaver, Brian Spilker, Edmund Outslay, John Robinson, Ronald Worsham, Benjamin Ayers, John Barrick

Exercise 30

In year 1 (the current year), LAA Inc. made a charitable donation of $100,000 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $550,000 which included a $100,000 deduction for the charitable contribution (before limitation), a $50,000 dividends received deduction, a $20,000 domestic production activities deduction, and a $10,000 net operating loss carryover from year 0. What is LAA Inc.'s charitable contribution deduction for year 1