Please complete the steps and provide explanations.

EXAMPLE: The taxpayer contributed land with a FMV of $50,000 and cash of $12,000 to qualified public charities AND stocks with a FMV of $15,000 to a private nonoperating charity when her AGI was $120,000. 30% 60% Deduction Step 1: Calculate overall limitation . $120,000 x 60% Deduct cash and ordinary income property Remaining overall limitation Step 2: Calculate 30% limitations-$120,000 x 30% Deduct 30% contribution property Remaining overall limitation(s) Step 3: Calculate 20% limitations- Deduct the lesser of or a) AGI x 20% b) (AGI x 30%)-30% deduction c) (AGI x 60%)-30% deduction-60% deduction Total Deduction Step 4: Carryforward the overall limitation that was not able to be deducted in the current year. Note: contributions subject to the 20% limitation that exceed 20% of AGI cannot be carried forward. In this case, since the contribution was limited due to the other limitations..he carryforward on the donation to the private nonoperating entity would be allowed up to a total of $24,000. _ _ from the % limitation and the _ -_ from the EXAMPLE: The taxpayer contributed land with a FMV of $50,000 and cash of $12,000 to qualified public charities AND stocks with a FMV of $15,000 to a private nonoperating charity when her AGI was $120,000. 30% 60% Deduction Step 1: Calculate overall limitation . $120,000 x 60% Deduct cash and ordinary income property Remaining overall limitation Step 2: Calculate 30% limitations-$120,000 x 30% Deduct 30% contribution property Remaining overall limitation(s) Step 3: Calculate 20% limitations- Deduct the lesser of or a) AGI x 20% b) (AGI x 30%)-30% deduction c) (AGI x 60%)-30% deduction-60% deduction Total Deduction Step 4: Carryforward the overall limitation that was not able to be deducted in the current year. Note: contributions subject to the 20% limitation that exceed 20% of AGI cannot be carried forward. In this case, since the contribution was limited due to the other limitations..he carryforward on the donation to the private nonoperating entity would be allowed up to a total of $24,000. _ _ from the % limitation and the _ -_ from the