Tim is the sole owner of a business organized as a C corporation. Tim estimated his taxable income will be $100,000 for the year. In an attempt to bring the taxable income down to $0, tim made a $100,000 charitable contribution just before year end. You are tim's tax advisor. What do you tell him? Show any relevant calculations.

b) For a corporation that has operating losses, compare and contrast how the losses are treated by an S corporation versus a C corporation.