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1995 me the income limit does not apply)? Is it favorable or un bilder der Paddy pays $50,000 of this contribution on January 15 of year 2 and the 925,000 on May 15 of year 2, what book-tax difference will it report asoorsted with the contribution in year 1 (assume the income limit does not apply)? Is it favorable or unfavorable? Is it permanent or temporary? d) Assuming the same facts as in part (c), what book-tax difference will GC report in year 2 (assume the income limit does not apply)? Is it favorable or unfavorable? 50. In 2021, OCC Corp. made a charitable donation of $400,000 to the American Red Cross (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 $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a) What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2021 what is the carryover to 2022, and when does the carryover expire? CHAPTER 5 Corporate Operati b) Assume that in 2022, OCC did not make any charitable donations and that it is al- lowed to deduct its full charitable contribution carryover, if any, from 2021. What book-tax difference associated with the charitable contributions will OCC report in 2022? Is the difference favorable or unfavorable? Is it permanent or temporary? In 2021, LAA Inc. made a charitable donation of $100,000 to the American Red Cross. 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, and a $10,000 net operating loss carryover from 2020. What is LAA Inc.'s charitable contribution deduction for 2021? Assume the LO 5-2

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