In 2013, Siskin Corporation (C corporation) had given transactions:
Income from operations= $500,000
Expenses from operations= 425,000
Dividends from domestic corporations (less than 20% ownership)= 40,000
Dividends received deduction (70% x $40,000)= 28,000
Unused short-term capital loss from 2011 (there are no capital gains In 2012 and 2013)= 2,500
NOL carryover from 2012= 40,000
In June 2013, Siskin made the contribution to the qualified charitable organization of $10,500 in cash (not incorporated in any of items given above).
How much, if any, of he contribution can be claimed as the deduction for 2013? What occurs to any portion not deductible for 2013?