CH 17 HW tlook Printem Problem 17-39 (LO. 1,7) In 2020, Gray Corporation, a calendar year corporation, has a $75,000 charitable contribution carryover from a gift made in 2015. Gray is contemplating a gift of land te a qualified charity in either 2000 or 2021. Gray purchased the land is an investment five years ago for $100,000 (current fair market value is $250,000). Before considering any haritable deduction, Gray projects taxable income of $1,000,000 for 2020 and $1,200,000 for 2021 Should Gray make the gift of the land to charity in 2020 or in 2021? If an amount is zero, enter"0" a. Gray makes the gift of the land to charity in 2020: The amount of the deduction would be s and the corporation is able to use of the $75,000 carryover Therefore, Gray has as carryover to 2021, of which $ would be used in 2021, leaving to be carried over to 2022 E. 8 9. b. If Gray waits and makes the gift of the land to charity in 2021: The corporation would have carryover from 2015 and 5 the ceduction would be and the excess of carryover from 2020. In 2021, the amount of would carryover to 2022 10. 11. . c. Therefore, Gray should make the gift of the land to charity in 12 13 14. 15 Check My Work Assignment Score 66.67% All worked Save and Ext Submk Assignment for Grading