A corporation expects to have $600,000 in taxable income but wants to lower its tax bill. To do this, it donates a painting that the corporation has owned for the last 10 years to a history museum so it may claim a charity deduction. The corporation does not know the museum intends to sell the painting to help fund the cost of a new exhibit. The painting originally cost the corporation $50,000 and is now valued at $90,000.

What is the corporation's new taxable income?

A. $460,000

B. $510,000

C. $540,000

D. $550,000