Norwood Corporation is an accrual-basis taxpayer. For the year ended December 31, Year 1, it had book income before tax of $450,000 after deducting a charitable contribution of $50,000. The contribution was authorized by the board of directors in December, Year 1, but was not actually paid until March 1, Year 2. How should Norwood treat this charitable contribution for tax purposes to minimize its Year 1 taxable income? Make an election claiming a deduction for Year 1 of $45,000 with no carryover O Make an election carrying the deduction back 3 years. O Make an election claiming a deduction for Year 1 of $50,000 with no carryover. O It cannot claim a deduction in Year 1 but must apply the payment against Year 2 income. Corporation Rwas organized and began active business on January 4 of the current year. Rincurred the following expenses in connection with creating the business: Professional fees for issuance of stock $4,000 State incorporation fees 2,000 Printing cost for stock certificates 1,500 Broker's commissions on sale of stock 7,000 Legal fees for drafting the charter 5,000 Expense for temporary directors 7,000 Total $26,500 The maximum amount of organizational expense that may be deducted by Corporation R on its current-year income tax return is 0 $14.000 O $26,500 $5,300 O $5,600