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) $7,500 current-year deduction; $0 carryover.
C) $1,200 current-year deduction; $6,300 carryover.
D) $7,200 current-year deduction; $300 carryover.
Answer: D