In 2021, Gray Corporation, a calendar year C corporation, holds 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 deduction would be Therefore, Gray has a $ and the corporation is able to use $ of the $75,000 carryover. carryover to 2022, of which s would be used in 2022, leaving to be carried over to 2023. carryover from 2016 and carryover from 2021. In 2022, the amount of and the excess of $ would carryover to 2023. b. If Gray waits and makes the gift of the land to charity in 2022: The corporation would have s the deduction would be c. Therefore, Gray should make the gift of the land to charity in i