LO.2 During 2012, Siskin Corporation (a C corporation) had the following transactions:

Income from operations $500,000 Expenses from operations 425,000 Dividends from domestic corporations (less than 20% ownership) 40,000 Dividends received deduction (70% × $40,000) 28,000 Unused short-term capital loss from 2010 (there are no capital gains in 2011 and 2012) 2,500 NOL carryover from 2011 40,000 In June 2012, Siskin made a contribution to a qualified charitable organization of

$10,500 in cash (not included in any of the items listed above).

a. How much, if any, of the contribution can be claimed as a deduction for 2012?

b. What happens to any portion not deductible for 2012?