Ask Question
BusinessBusiness
24 March, 12:14

Remsco has taxable income of $61,000 and a charitable contribution limit modified taxable income of $72,500. Its charitable contributions for the year were $7,540. What is Remsco's current-year charitable contribution deduction and contribution carryover

+4
Answers (1)
  1. 24 March, 12:34
    0
    Remsco's current-year charitable contribution deduction is $7,250

    Contribution carryover is $ 290

    Explanation:

    Taxable income = $61,000

    Charitable contribution limit modified taxable income = $72,500

    Charitable contributions for the year = $7,540

    Since, charitable contribution deduction is limited to 10% of charitable contribution limit modified taxable income,

    Remsco's current-year charitable contribution deduction = $72,500 x 10%

    = $7,250

    Therefore, contribution carryover = $7,540 - $7,250 = $ 290
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Remsco has taxable income of $61,000 and a charitable contribution limit modified taxable income of $72,500. Its charitable contributions ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The process of negotiation between buyer and supplier inevitably raises some ethical tensions, given that the situation is often characterized as one of the two combatants coming together to do battle.
Answers (1)
How are wages for a particular job determined?
Answers (1)
EB7. LO 5.3A company started the month with 4,519 units in work in process inventory. It started 15,295 units and had an ending inventory of 4,936. The units were 100% complete to materials and 30% complete with conversion.
Answers (1)
A restaurant owner purchases frozen shrimp from an unapproved vendor at a discounted price. which food defense principle has been violated?
Answers (1)
A space into which you can safely direct your vehicle with the lowest possible risk is referred to as your
Answers (1)
New Questions in Business
In the United States, you can own anything you want and decide what you want to do with it, as long as it does not violate the law. This describes the principle of
Answers (1)
High value-added per employee is associated with: a. capital intensive industries. b. labor intensive industries. c. the shoe industry in 1860. d. the use of unskilled labor.
Answers (1)
How were the earliest benefits of the industrial revolution distributed between Factory owners and workers?
Answers (1)
Ben and Sam Jenkins formed a partnership. Ben contributed $8,000 cash and a used truck that originally cost $35,000 and had accumulated depreciation of $15,000. The truck's fair value was $16,000. Sam, a builder, contributed a new storage garage.
Answers (1)
Select all that apply. A primary incentive for entrepreneurs is 1: Profit 2: A skill and happy workforce 3: Notoriety 4: Seeing an idea come into being 5: Paying taxes
Answers (1)
Home » Business » Remsco has taxable income of $61,000 and a charitable contribution limit modified taxable income of $72,500. Its charitable contributions for the year were $7,540.
Sign Up Forgot Password?