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Accounting In year 1 (the current year), LAA Inc. made...

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Accounting

Accounting

In year 1 (the current year), LAA Inc. made a charitable donation of $148,500 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $617,000, which included a $148,500 charitable contribution deduction (before limitation), a $61,750 dividends received deduction, a $22,900 domestic production activities deduction, and a $15,200 net operating loss carryover from year 0.

What is LAA Inc.s charitable contribution deduction for year 1?

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