Omega Corporation reports the Following results for the current year.

Gross profit on sales $120,000

dividends from less than 20% owned domestic corporations $40,000

operating expenses $100,000

charitable contributions (cash) $20,000

a- assuming Omega elects to use 25% limitation on charitable contributions, what is its charitable contributions deduction for the current year and its charitable contributions carry over next year. (if any)?

b- What is Omega's taxable income for the current year?