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deduction C:3-38 or dividends-received deduction. a. How much is Zeta's charitable contributions deduction in Year 1? In Year 2? b. What is Zeta's contribution carryover to Year 3, if any? Taxable Income Computation. Omega Corporation reports the following results for the current year: Gross profits on sales $120,000 Dividends from less-than-20%-owned domestic corporations 40,000 Operating expenses 100,000 Charitable contributions (cash) 11,000 a. What is Omega's charitable contributions deduction for the current year and its chari- table contributions carryover to next year, if any? b. What is Omega's taxable income for the current year