Saved Help Save & E work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to ques year 1(the current year). LAA Inc made a charitable donation of $100,000 to the American Red Cross (a qualifying charity). For the ear LAA reported taxable income of $550,000, which included a $100,000 charitable contribution deduction (before limitation), a 50.000 dividends-received deduction, and a $10,000 net operating loss carryover from year 0. Vhat is LAA Inc's charitable contribution deduction for year 1? Answer is complete but not entirely correct. De contribution doduction for year $ 29,000