In 2018, Gray Corporation, a calendar year C corporation, has a $75,000 charitable contribution carryover from a gift made in 2013. Gray is contemplating a gift of land to a qualified charity in either 2018 or 2019. 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 2018 and $1,200,000 for 2019. Should Gray make the gift of the land to charity in 2018 or in 2019 If an amount is zero, enter "0". a. If Gray makes the gift of the land to charity in 2018: The amount of the deduction would be Therefore, Gray has a 100,000 and the corporation is able to use 0 of the $75,000 carryover. carryover to 20139, af which 120,00 would be used in 2019, leaving 20,000 would be used in 2019, leaving to be carried over to 2020. b. If Gray waits and makes the gift of the land to charity in 2019 The corporation would have scarryover from 2013 and s the deduction would be carryover from 2018. In 2019, the amount of and the excess of would carryover to 2020. c. Therefore, Gray should make the gift of the land to charity in