Assume a taxpayer makes a taxable contribution of cash only to a public charity. Which of the following statements describing the limitation on the amount of that may be deducted as an itemized deduction in the current year is true?

The taxpayer can deduct the contribution only up to 30% of the taxpayer's AGI in the current year.

The taxpayer can deduct the contribution only up to 100% of the taxpayer's AGI in the current year if the donation is made in 2020.

The taxpayer can deduct the contribution only up to 60% of the taxpayer's AGI in the current year if the donation is made in 2021

Assume an individual taxpayer makes a contribution of property to a public charity and the taxpayer is entitled to deduct the market value which is higher than the taxpayer's cost in the property. The AGI limitation for the current year deductibility of the value of this property is __________________ of AGI.

30%

50%

20%