4 Norwood Corporation is an accrual-basis taxpayer. For the year ended December 31, Year 1, it had book income before tax of $450,000 after deducting a charitable contribution of $50,000. The contribution was authorized by the board of directors in December, Year 1, but was not actually paid until March 1, Year 2. How should Norwood treat this charitable contribution for tax purposes to minimize its Year 1 taxable income? A. It cannot claim a deduction in Year 1 but must apply the payment against Year 2 income. B. Make an election claiming a deduction for Year 1 of $50,000 with no carryover. C. Make an election claiming a deduction for Year 1 of $45,000 with no carryover. D. Make an election carrying the deduction back 3 years