Ms. Bjorn contributed $600,000 cash to qualified public charities this year. Her AGI was $814,000. Which of the following statements is true?
A) Ms. Bjorn's charitable contribution deduction is limited to $488,400, and she has a $111,600 contribution carryover to future years.
B) Ms. Bjorn's charitable contribution deduction is $360,000.
C) Ms. Bjorn's charitable contribution deduction is limited to $488,400. The $111,600 nondeductible amount will never result in a tax benefit.
D) Ms. Bjorn's charitable contribution deduction is $600,000.
Correct Answer:
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