In its first year (2021), Barsky Corporation made charitable contributions totaling $70,000. The corporation's taxable income before any charitable contribution deduction was $250,000. In its second year (2022), Barsky made charitable contributions of $15,000 and earned taxable income before the contribution deduction of $300,000.
Required:
Compute Barsky's allowable charitable contribution deduction and its final taxable income for its first year.
Compute Barsky's allowable charitable contribution deduction and its final taxable income for its second year.