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8 September, 07:43

Remsco has taxable income of $78,000 and a charitable contribution limit modified taxable income of $81,000. Its charitable contributions for the year were $8,220. What is Remsco's current-year charitable contribution deduction and contribution carryover

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  1. 8 September, 11:04
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    Contribution deduction = $8,100

    Contribution carryover = $100

    Explanation:

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

    Hence Remsco's current-year charitable contribution deduction = 81000 x 10% = 8100 or 8200 which ever is less

    = $ 8100

    Contribution carryover = 8,200-8100

    = $ 100
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Home » Business » Remsco has taxable income of $78,000 and a charitable contribution limit modified taxable income of $81,000. Its charitable contributions for the year were $8,220.
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