In 2015, Gray Corporation, a calendar year C corporation, has a $75,000 charitable contribution carryover from a gift made in 2010. Gray is contemplating 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 income of $1,000, 000 for 2015 and $1, 200, 000 for 2016. Should Gray make the gift of the land to charity in 2015 or in 2016? If an amount is zero, enter "0". a. If Gray makes the gift of the land to charity in 2015: The amount of the deduction would be $ of the $75,000 carryover. The and the corporation is able to use $ would carryover to 2016. excess of $ If Gray makes the gift of the land to charity in 2016: of the $75,000 carryover. In 2016, the amount of the deduction would be In 2015, the corporation is able to use $ would carryover to 2017. and the excess of $ c. Therefore, Gray should make the gift of the land to charity in