I:16-41 Charitable Contributions. On May 15 of the current year, the board of directors of Georgia Corporation authorized a $40,000 (non-cash) donation to a qualified charity.

The corporation donated the $40,000 to the charity on December 1 of the current year.

It made no other charitable contributions during the year. Georgia reports the following results for the current year:

Taxable income (before the dividends-received deduction and charitable contributions)

$250,000 Dividends-received deduction 10,000

a. What amount of charitable contributions is deductible in the current year?

b. How are any excess contributions treated?