Remsco has taxable income of $60,000 and a charitable contribution limit modified taxable income of $72,000. Its charitable contributions for the year were $7,500. What is Remsco's current-year charitable contribution deduction and contribution carryover?
A. $6,000 current-year deduction; $1,500 carryover.
B. $7,200 current-year deduction; $300 carryover.
C. $1,200 current-year deduction; $6,300 carryover.
D. $7,500 current-year deduction; $0 carryover.
Answer: B
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