In 2021, LAA Incorporated made a charitable donation of $118,500 to the American Red Cross. For the year, LAA reported taxable income of $632,000, which included a $118,500 charitable contribution deduction (before limitation), a $71,750 dividends-received deduction, and a $16,100 net operating loss carryover from year 2020. What is LAA Incorporated's charitable contribution deduction for 2021? Assume the charitable donation is not a qualified contribution because LAA Incorporated. Did not make the necessary election. Charitable contribution deduction for year 1