Donald and May (husband and wife) contributed $15,000 in cash to their synagogue during 2014.They also donated $3,000 to a private foundation which is a nonprofit cemetery organization.They knew a 30% limit applies to contributions to such foundations.Their adjusted gross income for the year 2014 was $30,000.Donald and May's deductible contribution for the year 2014 and any carryover to next year is:
A) $18,000 with $0 carryover to next year.
B) $15,000 with $2,100 carryover to next year.
C) $7,500 with $2,100 carryover to next year.
D) $15,000 with $3,000 carryover to next year.
Correct Answer:
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