Remsco Has Taxable Income of $74,000 and a Charitable Contribution

question 7

Multiple Choice

Remsco has taxable income of $74,000 and a charitable contribution limit modified taxable income of $79,000. Its charitable contributions for the year were $8,060. What is Remsco's current-year charitable contribution deduction and contribution carryover?

• A)$7,400 current-year deduction; $660 carryover.
• B)$8,060 current-year deduction; $0 carryover.
• C)$500 current-year deduction; $7560 carryover.
• D)$7,900 current-year deduction; $160 carryover.

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