What is the amount of the charitable contribution carryover to next year?
Witte Corporation reported the following results for the current year:
A) $0
B) $14,000
C) $16,000
D) $30,000
B) $14,000
The charitable contributions deduction is $160,000 × .10 = $16,000. The carryover is $30,000 - $16,000 = $14,000.
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Answer the following statement true (T) or false (F)
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Indicate whether the statement is true or false
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What will be an ideal response?