LO 13-3 69. In year 1 (the current year), LAA Inc. made a charitable donation of $100,000 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $550,000, which included a $100.000 charitable contribution deduction (before limitation) and a $50,000 dividends-received deduction. What is LAA Inc.'s charitable contribution deduction for year 1