In 2022, Gray Corporation, a calendar year C corporation, holds a $75,000 charitable contribution carryover from a gift made in 2017. Gray is contemplating a gift of land to a qualified charity in either 2022 or 2023. 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 2022 and $1,200,000 for 2023. Should Gray make the gift of the land to charity in 2022 or in 2023? If an amount is zero, enter "0". a. If Gray makes the gift of the land to charity in 2022: The amount of the deduction would be $ to 2023, of which $ 75,000 of the $75,000 carryover. Therefore, Gray has a $ 75,000 would be used in 2023, leaving $ 100,000 and the corporation is able to use $ 75,000 carryover O to be carried over to 2024. b. If Gray waits and makes the gift of the land to charity in 2023: The corporation would have $ 75,000 carryover from 2017 and $ carryover from 2022. In 2023, the amount of the deduction would be $ the excess of $ 130,000 would carryover to 2024. c. Therefore, Gray should make the gift of the land to charity in 2023 75,000 100,000 and