X Co. donated a machine worth $500,000 to a valid charity. If X Co. had sold the machine, it would have had a $50,000 short-term capital gain. During the year, X Co.had the following items:

Gross income of $430,000 Deductible operational expenses of $160,000 NOL carryforward of $70,000 Capital loss carryback of $90,000 Dividends received deduction of $50,000

47

472

X Co.'s current charitable contribution amount is

$500,000

$450,000

$50,000

None of these.

48

482

X Co.'s current charitable contribution deduction is

$27,000

$11,000

None of these.

$20,000

49

492

X Co.'s charitable contribution carryforward is

$423,000

$430,000

$480,000

None of these.