Jackel, Inc. has the following information for the current tax year.
Gross sales ..................$350,000
Cost of goods sold ...............$50,000
Dividends received (10%) ............$40,000
Operating expenses ................$30,000
Charitable contributions .............$45,000
(a) What is Jackel's charitable contribution deduction?
(b) What is Jackel's taxable income?