CHAPTER 2 Corporations Introduction and Operating Rules so 10.2, 7 In 2015, Gray Corporation, a calendar year C corporation, has a $75,000 Decision Making charitable contribution carryover from a gift made in 2010. Gray is contem- er plating a gift of land to a qualified charity in either 2015 or 2016. Gray purchased the land as an investment five years ago for $100,000 (current fair market value is 250,000). Before considering any charitable deduction, Gray projects taxable ome of $1 million for 2015 and $1.2 million for 2016. Should Gray make the gift inc of the land to charity in 2015 or in 2016? Provide support for your