Adam Inc. is a taxable Canadian corporation. In 2019, the company contributed $120,000 to a registered charity. In 2018, the company was unable to deduct $53,000 of similar donations. In 2019, the income of the corporation for tax purposes consisted of $200,000 of active business income and $100,000 of property income before any deduction for charitable donations.

Required:

The maximum allowable charitable donation deduction for Adam Inc. in 2019 is:

a)$ 120,000

b)$ 240,000

c)$ 225,000

d)$ 173,000

e)None of the above