ontribution Deductions Percentage Limitations. J contributed $10,000 to the University of Southern California and a long-term capital asset worth $10,000 (basis of $5,000) to a private non-operating foundation during 2018. Assuming his adjusted gross income for the year is $24,000, answer the following: a. What is the amount of J's contribution deduction for 2018? b. How must any excess contributions be treated? If J had come to you for advice before making the gifts, what advice woul have offered? c