Question - Bonnie's charitable contributions and AGI for the past four years were as follows:
2007 2008 2009 2010
AGI $50,000 $55,000 $58,000 $60,000
Contributions subject to the 50% limitation 40,000 29,000 25,000 10,000
Required: What is the amount of the charitable deduction for each year and the order in which the deduction and carryovers are used?