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Remsco has taxable income of $61,000 and a charitable contribution limit modified taxable income of $72,500. Its charitable contributions for the year were $7,540. What is Remsco's current-year charitable contribution deduction and contribution carryover

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Answer:

Remsco's current-year charitable contribution deduction is $7,250

Contribution carryover is $ 290

Explanation:

Taxable income = $61,000

Charitable contribution limit modified taxable income = $72,500

Charitable contributions for the year = $7,540

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

Remsco's current-year charitable contribution deduction = $72,500 x 10%

= $7,250

Therefore, contribution carryover = $7,540 - $7,250 = $ 290

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