Required information Problem 16-44 (LO 16-2) [The following information applies to the questions displayed below.] In year 1(the current year), OCC Corp. made a charitable donation of $200,000 to the Jordan Spieth Family Foundation (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends received deduction, and before deducting its $40,000 NOL carryover from last year. Problem 16-44 Part a a. What amount of the $200,000 donation is OCC allowed to deduct for tax purposes in year 1? Deductible donation Problem 16-44 Part b b. In year 2, OCC did not make any charitable contributions. It reported taxable income of $300,000 before any charitable contribution deductions and before a $15,000 dividends received deduction. What book-tax difference associated with the charitable contributions will OCC report in year 2? Is the difference favorable or unfavorable? Is it permanent or temporary? Book-tax Difference Favorable or Unfavorable Temporary or Permanent Year 2