Remsco Has Taxable Income of $77,000 and a Charitable Contribution

question 110

Multiple Choice

Remsco has taxable income of $77,000 and a charitable contribution limit modified taxable income of $80,500. Its charitable contributions for the year were $8,180. What is Remsco's current-year charitable contribution deduction and contribution carryover(assuming Remsco does not elect to use the 25% of modified taxable income to determine its charitable contribution deduction) ?

• A)$7,700 current-year deduction; $480 carryover.
• B)$8,180 current-year deduction; $0 carryover.
• C)$350 current-year deduction; $7830 carryover.
• D)$8,050 current-year deduction; $130 carryover.

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Definitions:

Negative Influence

An impact that leads to harmful or undesirable outcomes or behaviors.

Stern Tone

A manner of communication that is firm, strict, and sometimes authoritative, often used to convey seriousness.

Long Apologies

Long Apologies involve detailed expressions of regret and sorrow for actions that have caused harm, often emphasizing understanding and remorse.

Positive Statement

A Positive Statement is an objective assertion that can be tested or verified and is based on factual information, independent of value judgments.