600 word memo; not including the title page and references word countJefferson Industrial Machines (JIM) realizes the importance of being a good corporate citizen and makes generous contributions to worldwide charitable organizations. For the current year, JIM wants to contribute $1,500,000 to various charities. Based on prior year’s tax laws, if JIM’s taxable income before charitable contributions is $11,500,000 in the current year. Calculate the charitable contribution allowance for the current year. Provide a recommendation to JIM management regarding the tax implications of this contribution.