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11 September, 09:44

Remsco has taxable income of $64,000 and a charitable contribution limit modified taxable income of $74,000. Its charitable contributions for the year were $7,660. What is Remsco's current-year charitable contribution deduction and contribution carryover

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  1. 11 September, 11:33
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    Answer: $7400; $260

    Explanation:

    From the question, we are given the information that Remsco has taxable income of $64,000 and a charitable contribution limit modified taxable income of $74,000 and that its charitable contributions for the year were $7,660.

    It should be noted that the charitable contribution is 10% of $74,000 which is the charitable contribution limit modified taxable income given in the question. So, this will be:

    = 10% of $74,000

    = 10/100 * $74,000

    = 0.1 * $74,000

    = $7400

    Therefore, Remsco's current-year charitable contribution deduction is $7400.

    Remsco's contribution carryover will be the difference between his charitable contributions for the year which is $7,660 and his current-year charitable contribution deduction is $7400. This will be:

    = $7660 - $7400

    = $260
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