In 2021, Oak Inc. made a charitable donation of $100,000 to the American Red Cross (a qualifying charity). For the year, Oak reported taxable income of $550,000 which included a $100,000 charitable contribution deduction (before limitation), a $50,000 dividends received deduction and a $10,000 net operating loss carryover from year 2020. What is Oak Inc.'s charitable contribution deduction for 2021? Amount $550,000 Description Taxable income Charitable Contribution Dividend Received Deduction NOL Carryover Revised Taxable income Charitable Contribution % Limitation Charitable Contribution Allowed Charitable Contribution Carryover