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29 September, 05:29

Remsco has taxable income of $80,000 and a charitable contribution limit modified taxable income of $82,000. Its charitable contributions for the year were $8,300. What is Remsco's current-year charitable contribution deduction and contribution carryover?

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  1. 29 September, 05:32
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    Remsco's current-year charitable contribution deduction and contribution carryover is $100.

    Explanation:

    Remsco's current-year charitable contribution deduction

    = $82,000*10%

    = $8200

    contribution carryover = 8,300 - 8200

    = $100

    Therefore, Remsco's current-year charitable contribution deduction and contribution carryover is $100.
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