7) Shaqua Corporation's taxable income (before any dividends-received and charitable contributions deductions) is $900,000. The corporation made $8,000 of charitable contributions in the current year and has a $7,000 charitable contribution carryover from the prior year. Given the limitation on the amount of deduction and the carryover time limit, ordering of contribution application is important. The order of application provided in the tax law is A) prior year charitable contribution carryovers are applied first, followed by current year contributions. B) based on the election of the taxpayer. C) a pro rata application of both prior year and current year contributions. D) current year contributions are applied first, followed by prior year charitable contribution carryovers