Question

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?

Answer 1

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

Step-by-step 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.