Question

Remsco has taxable income of $65,000 and a charitable contribution limit modified taxable income of $74,500....

Remsco has taxable income of $65,000 and a charitable contribution limit modified taxable income of $74,500. Its charitable contributions for the year were $7,700. What is Remsco's current-year charitable contribution deduction and contribution carryover?

Multiple Choice

  • $7,450 current-year deduction; $250 carryover.

  • $950 current-year deduction; $6,750 carryover.

  • $6,500 current-year deduction; $1,200 carryover.

  • $7,700 current-year deduction; $0 carryover.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In 2020, Webtel Corporation donated $58,500 to a qualifying charity. For the year, it reported taxable...
In 2020, Webtel Corporation donated $58,500 to a qualifying charity. For the year, it reported taxable income of $395,000, which included the following: the $58,500 charitable contribution (before limitation), a $117,000 dividends received deduction, and a $21,700 net operating loss carryover. What is Webtel Corp.'s charitable contribution deduction assuming it does not elect to apply the 25% of modified taxable limitation in determining its charitable contribution deduction
Robots, Inc. reports the following financial data for last year: Gross income from sales and services...
Robots, Inc. reports the following financial data for last year: Gross income from sales and services $200,000 Wages, cost recovery and other expenses 180,000 Dividend income from at least 20 percent owned U.S. corporations 40,000 Net operating loss carryover 20,000 Capital losses 10,000 Charitable contribution carryover 7,000 Current charitable contributions 11,000 What is Robots's charitable contribution deduction? How much of the charitable contribution carryover is used up? What is taxable income? What is the dividends-received deduction?
In year 1 (the current year), LAA Inc. made a charitable donation of $101,250 to the...
In year 1 (the current year), LAA Inc. made a charitable donation of $101,250 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $600,000, which included a $101,250 charitable contribution deduction (before limitation), a $56,000 dividends received deduction, and a $13,700 net operating loss carryover from year 0. What is LAA Inc.’s charitable contribution deduction for year 1?
In year 1 (the current year), LAA Inc. made a charitable donation of $101,250 to the...
In year 1 (the current year), LAA Inc. made a charitable donation of $101,250 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $600,000, which included a $101,250 charitable contribution deduction (before limitation), a $56,000 dividends received deduction, and a $13,700 net operating loss carryover from year 0. What is LAA Inc.’s charitable contribution deduction for year 1?
In year 1 (the current year), LAA Inc. made a charitable donation of $151,500 to the...
In year 1 (the current year), LAA Inc. made a charitable donation of $151,500 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $622,000, which included a $151,500 charitable contribution deduction (before limitation), a $68,500 dividends received deduction, and a $18,100 net operating loss carryover from year 0. What is LAA Inc.’s charitable contribution deduction for year 1?
In year 1 (the current year), LAA Inc. made a charitable donation of $124,500 to the...
In year 1 (the current year), LAA Inc. made a charitable donation of $124,500 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $595,000, which included a $124,500 charitable contribution deduction (before limitation), a $67,000 dividends received deduction, and a $13,400 net operating loss carryover from year 0. What is LAA Inc.’s charitable contribution deduction for year 1?
In year 1 (the current year), LAA Inc. made a charitable donation of $124,500 to the...
In year 1 (the current year), LAA Inc. made a charitable donation of $124,500 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $595,000, which included a $124,500 charitable contribution deduction (before limitation), a $67,000 dividends received deduction, and a $13,400 net operating loss carryover from year 0. What is LAA Inc.’s charitable contribution deduction for year 1?
Compute HC Inc.’s current-year taxable income given the following information relating to its 2019 activities. Also,...
Compute HC Inc.’s current-year taxable income given the following information relating to its 2019 activities. Also, compute HC’s Schedule M-1 assuming that HC’s federal income tax expense for book purposes is $30,000. Use Exhibit 16-6. Gross profit from inventory sales of $310,000 (no book–tax differences). Dividends HC received from 28 percent-owned corporation of $120,000 (this is also HC’s pro rata share of the corporation’s earnings). Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL), are $300,000 (no...
In year 1 (the current year), LAA Inc. made a charitable donation of $168,750 to the...
In year 1 (the current year), LAA Inc. made a charitable donation of $168,750 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $555,000, which included a $168,750 charitable contribution deduction (before limitation), a $67,750 dividends received deduction, and a $11,900 net operating loss carryover from year 0. What is LAA Inc.’s charitable contribution deduction for year 1? Answer is not 80,340
In year 1 (the current year), LAA Inc. made a charitable donation of $162,750 to the...
In year 1 (the current year), LAA Inc. made a charitable donation of $162,750 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of $583,000, which included a $162,750 charitable contribution deduction (before limitation), a $52,750 dividends received deduction, and a $19,900 net operating loss carryover from year 0.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT