Co Chip Corp had taxable income before taking a charitable contribution deduction of $25000. They made $4,000 in charitable donations that year. Year 2: Chip Corp had taxable income before taking a charitable contribution deduction of $40,000. Charitable contributions that year were $2,000. How much is Chip Corp's charitable contribution deduction in Year 1 and Year 2 after considering the charitable contribution limitation? Chip Corp's charitable contribution deduction in Year 1 Chip Corp's charitable contribution deduction in Year 2