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In 2022, Remsco has taxable income of $60,000 and a charitable contribution limit modified taxable...

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Accounting

In 2022, Remsco has taxable income of $60,000 and a charitable contribution limit modified taxable income of $28,800. Remsco donated cash of $7,500 to a qualified public charity. What is Remsco's current-year charitable contribution deduction assuming Remsco makes any elections necessary to maximize its charitable contribution deduction?

Group of answer choices

$6,750 current-year deduction

$7,500 current-year deduction

$0 current-year deduction

$2,880 current-year deduction

Answer & Explanation Solved by verified expert
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