Remsco has taxable income of $77,000 and a charitable contribution limit modified taxable income of $80,500. Its charitable contributions for the year were $8,180. What is Remsco's current-year charitable contribution deduction and contribution carryover(assuming Remsco does not elect to use the 25% of modified taxable income to determine its charitable contribution deduction) ?
A) $7,700 current-year deduction; $480 carryover.
B) $8,180 current-year deduction; $0 carryover.
C) $350 current-year deduction; $7830 carryover.
D) $8,050 current-year deduction; $130 carryover.
Correct Answer:
Verified
Q87: Which of the following is not an
Q88: Jazz Corporation owns 10 percent of the
Q89: Jazz Corporation owns 10percent of the Mitchell
Q90: Which of the following statements regarding dividends
Q91: Remsco has taxable income of $60,000 and
Q93: Which of the following statements is false
Q94: If a corporation's cash charitable contributions exceed
Q95: Remsco has taxable income of $74,000 and
Q96: Jazz Corporation owns 10 percent of the
Q97: What is the unextended due date of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents