Witte Corporation reported the following results for the current year: What is the amount of the charitable contribution carryover to next year?
A)$0
B)$14,000
C)$16,000
D)$30,000

Name: Witte Corporation reported the following results for the current year: What is the amount of the charitable contribution carryover to next year? A)$0 B)$14,000 C)$16,000 D)$30,000
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Question

Witte Corporation reported the following results for the current year:  What is the amount of the charitable contribution carryover to next year?
A)$0 
B)$14,000 
C)$16,000 
D)$30,000

Quizplus · Accepted Answer

B)The charitable contributions deduction is $160,000 × .10 = $16,000.The carryover is $30,000 - $16,000 = $14,000.

Witte Corporation Reported the Following Results for the Current Year