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

Exercise 71

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 charitable contribution deduction (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?