Remsco has taxable income of $67,000 and a charitable contribution limit modified taxable income of $75,500. Its charitable contributions for the year were $7,780. What is Remsco's current-year charitable contribution deduction and contribution carryover?
A) $6,700 current-year deduction; $1,080 carryover.
B) $7,780 current-year deduction; $0 carryover.
C) $850 current-year deduction; $6930 carryover.
D) $7,550 current-year deduction; $230 carryover.
Correct Answer:
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