Ask Question
16 November, 04:00

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?

+1
Answers (1)
  1. 16 November, 07:22
    0
    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.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Remsco has taxable income of $80,000 and a charitable contribution limit modified taxable income of $82,000. Its charitable contributions ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers