Monroe Corporation reported the following results for the current year: 
Included in the above is $5,000 of qualified production activities income. In addition, Monroe Corporation has a $5,000 NOL carryforward from last year. How much can Monroe Corporation take as a charitable contribution deduction in the current year?
Definitions:
Auctioneer
A person who conducts sales at auctions by accepting bids and declaring goods sold.
Highest Bid
The highest price offered by a bidder at an auction or in a competitive bidding process.
Firm Offer
A rule that no consideration is necessary when a merchant agrees in writing to hold an offer open for the sale of goods.
Consideration
The value (such as money, a promise, or an act) exchanged between parties in a contract.
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