Egret Corporation,a calendar year taxpayer,had an excess charitable contribution for 2007 of $10,000.In 2008,it made a further charitable contribution of $14,000.Its 2008 deduction is limited to $16,000.In applying the 10% limitation,the $10,000 carryover must be used after the current year contribution.

Question

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The current (2008)contribution must be used first and the carryover (2007)used last.

Egret Corporation,a Calendar Year Taxpayer,had an Excess Charitable Contribution for 2007