In 2023, Gray Corporation, a calendar year C corporation, has a $75,000 charitable contribution carryover from a gift made in 2018. Gray is contemplating a gift of land to a qualified charity in either 2023 or 2024. 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 2023 and $1,200,000 for 2024. Should Gray make the gift of the land to charity in 2023 or in 2024? If an amount is zero, enter "0". a. If Gray makes the gift of the land to charity in 2023: The amount of the deduction would be $ Therefore, Gray has a $ to be carried over to 2025. and the corporation is able to use $ carryover to 2024, of which S b. If Gray waits and makes the gift of the land to charity in 2024: The corporation would have $ the deduction would be $ carryover from 2018 and $ and the excess of $ c. Therefore, Gray should make the gift of the land to charity in of the $75,000 carryover. would be used in 2024, leaving $ carryover from 2023. In 2024, the amount of would carryover to 2025.

In 2023, Gray Corporation, a calendar year C corporation, has a $75,000 charitable contribution carryover from a gift made in 2018 . Gray is contemplating a gift of land to a qualified charity in either 2023 or 2024 . Gray purchased the land as an investment five yobrs 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 2023 and $1,200,000 for 2024 . Should Gray make the gift of the land to charity in 2023 or in 2024 ? If an amount is zero, enter " 0 ". a. If Gray makes the gift of the land to charity in 2023: The amount of the deduction would be s and the corporation is able to use $ of the $75,000 carryover. Therefore, Gray has a carryover to 2024, of whichs would be used in 2024 , leaving 4 to be carried over to 2025. b. If Gray waits and makes the gift of the land to chanty in 2024: The corporation would haves cartyover from 2018 and 9 carryover from 2023, In 2024, the amount of the deduction would be s and the excess of \$ would carryover to 2025. c. Therefore, Gray should make the gift of the lend to charity in