In 2021, Gray Corporation, a calendar year C corporation, has a $75,000 charitable contribution carryover from a gift made in 2016. Gray is contemplating a gift of land to a qualified charity in either 2021 or 2022. 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 2021 and $1,200,000 for 2022. Should Gray make the gift of the land to charity in 2021 or in 2022? If an amount is zero, enter "0". a. If Gray makes the gift of the land to charity in 2021: The amount of the contribution deduction in 2021 will be $ In 2022, Gray's contribution deduction will be and Gray will have a contribution carryover to 2022 of . Gray will have a contribution carryover of to future years. b. If Gray waits and makes the gift of the land to charity in 2022: The amount of the contribution deduction in 2021 will be $ In 2022, Gray's contribution deduction will be $ to future years. c. Therefore, Gray should make the gift of the land to charity in I contribution deductions and carryover.. and Gray would have a contribution carryover to 2022 of . Gray will have a contribution carryover of in order to receive the greatest amount of