Ask Question
BusinessBusiness
21 October, 00:08

Remsco has taxable income of $64,000 and a charitable contribution limit modified taxable income of $74,000. Its charitable contributions for the year were $7,660. What is Remsco's current-year charitable contribution deduction and contribution carryover

+1
Answers (1)
  1. 21 October, 01:23
    0
    Answer: $7400; $260

    Explanation:

    From the question, we are given the information that Remsco has taxable income of $64,000 and a charitable contribution limit modified taxable income of $74,000 and that its charitable contributions for the year were $7,660.

    It should be noted that the charitable contribution is 10% of $74,000 which is the charitable contribution limit modified taxable income given in the question. So, this will be:

    = 10% of $74,000

    = 10/100 * $74,000

    = 0.1 * $74,000

    = $7400

    Therefore, Remsco's current-year charitable contribution deduction is $7400.

    Remsco's contribution carryover will be the difference between his charitable contributions for the year which is $7,660 and his current-year charitable contribution deduction is $7400. This will be:

    = $7660 - $7400

    = $260
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Remsco has taxable income of $64,000 and a charitable contribution limit modified taxable income of $74,000. Its charitable contributions ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Henrique Correa's bakery prepares all its cakes between 4 A. M. and 6 A. M. so they will be fresh when customers arrive. Day-old cakes are virtually always sold, but at a 50% discount off the regular $10 price.
Answers (1)
Top Gear is an award-winning British television series about motor vehicles, mainly cars. It is presented by a set of hosts who test drive new cars and provide reviews on the cars' performance, their prices, and other factors.
Answers (1)
Place each of the folowing transactions in one of the four components of expenditures:a. Boeing sells an airplane to the Air Force. b. Boeing sells an airplane to the American Airlines. c. Boeing sells an airplane to the Air France. d.
Answers (1)
A 2-month European put option on a non-dividend paying stock is currently selling for $2. The stock price is $47, the strike price is $50, and the risk-free rate is 6% per year (with continuous compounding) for all maturities.
Answers (1)
Town A, in one hour, can produce either 4 hotdog buns, or 10 sausages. Town B, in one hour, can produce either 8 hotdog buns, or 6 sausages. There are 60 people in each town.
Answers (1)
New Questions in Business
Net worth is the difference between a firm's assets and its liabilities. a. True b. False
Answers (1)
Buyer Jim agreed to a 20-day window to get a survey done. A number of problems have occurred and after 20 days from the signed contract date, buyer Jim has yet to have a survey completed. What is now the status of the sales contract? a.
Answers (1)
Lawrence has worked in his career field for 20 years. one benefit of his experience over younger employees lies in
Answers (1)
Ingredient lists on gum packages remain somewhat vague, even though these labels fall under federal regulations, because the manufacturers feel their ingredient lists are _[blank]_.
Answers (1)
Kirsten is trying to decide where to go for her well earned vacation. She would like to camp, but if the weather is bad, she will have to go to a motel.
Answers (1)
Home » Business » Remsco has taxable income of $64,000 and a charitable contribution limit modified taxable income of $74,000. Its charitable contributions for the year were $7,660.
Sign Up Forgot Password?