Bonnie’s charitable contributions and AGI for the four-year period are as follows: 2022 2023 2024 2025 AGI $50,000 $60,000 $58,000 $60,000 Contributions subject to the 60% limitation 40,000 39,000 25,000 10,000 What is the amount of the charitable deduction for each year and the order in which the deduction and carryovers are used?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Bonnie’s charitable contributions and AGI for the four-year period are as follows: 2022 2023 2024 2025 AGI $50,000 $60,000 $58,000 $60,000 Contributions subject to the 60% limitation 40,000 39,000 25,000 10,000 What is the amount of the charitable deduction for each year and the order in which the deduction and carryovers are used?
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